Risk-Sharing
Below is the Membership breakdown by type of entity:
2016 Year End Report to the Membership We have just completed another successful year within the SDML Workers’ Compensation Fund. It has become tradition to share the year end numbers with our Membership for the past year. Membership Growth: The number of public entities that purchase their work comp coverage from the SDML Workers’ Compensation Fund continues to grow. Below is a history of the Membership numbers from the very beginning of the SDML Workers’ Compensation Fund. Year Members 57 1987 The Fund’s 1st Year 1995 Insurance Benefits 1st Year as Administrator 188 2000 209 2005 290 2010 362 2015 416 2016 – 10 New Members added in 2016 426
2016 Net Estimated Numbers Contributions Cities 234 $3,367,266 Counties 66 (All Counties in SD) $3,261,071 Townships 14 $11,166 Fire Districts 30 $78,742 Conservation Districts 52 $55,908 Irrigation Districts 1 $16,663 Sanitary Districts 5 $12,758 Solid Waste Districts 2 $5,846 Boards & Misc. 13 $81,195 Ambulance Districts 11 $90,474 Total 426 $6,981,089 SDML WCF Claims 2000 2005 2010 2015 2016 (as of 12/12/16)
Information: 846 Claims 888 Claims 1,006 Claims 1,103 Claims 962 Claims
98.55% Loss Ratio 93.93% Loss Ratio 67.83% Loss Ratio 53.68% Loss Ratio 42.57% Loss Ratio
The number of members has more than doubled since the year 2000. The claims activity has remained relatively stable in both the number of claims (Frequency) and the dollar cost of those claims (Severity). This has been consistent for several reasons. First, the solid underwriting practices that Insurance Benefits uses when adding new members. Second, the claims management and use of rehab nurses that Claims Associates provides. Third, the active loss control programs that are provided by Safety Benefits. Fourth, your commitment to building a culture of safety for your employees through the use of safety programs and training. The SDML Workers’ Compensation Fund uses an actuarial firm, AON Risk Solutions, to evaluate claims, expenses, and to determine the rates that we need to charge you, our Members, on an annual basis. The actuarial firm also looks
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