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State of Alabama Department of Finance

State of Alabama Department of Finance. Division of Risk Management Kim Huggins Claims Manager. ALABAMA. April 27, 2011. The State Insurance Fund. Originated in 1923 to insure state owned properties, K-12 school systems and state university properties.

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State of Alabama Department of Finance

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  1. State of AlabamaDepartment of Finance Division of Risk Management Kim Huggins Claims Manager

  2. ALABAMA April 27, 2011

  3. The State Insurance Fund Originated in 1923 to insure state owned properties, K-12 school systems and state university properties 28,000 +/- building/structures surveyed every three years by in house staff At FY10 close, $46 Billion insured values Claims are handled by in house staff and/or independent adjusting firms on contract with SIF.

  4. State of Alabama 2011 Property Program One Reinsurer provides $250M x/o $750M Excess Capacity $1 B One Reinsurer provides $250M x/o $500M Excess Capacity $750M Three Reinsurers provide $300M x/o $200M Excess Capacity $500M Nine Reinsurers provide $100M x/o $100M $200M Seven Reinsurers provide $50M x/o $50M $100M Six Reinsurers provide $50M x/o SIR $50M S.I.R.= $3.5M All Other Perils Occurrence/$10M Named Storm Occurrence/ $10 M Annual Aggregate $3.5M

  5. Statewide Impact ofApril 27, 2011 • 62 Tornados • - 3 EF-5 • 8 EF-4 • 7 EF-3 240 Deaths $3 Billion In Insured Losses 120,000 Claims

  6. Historic Tornado OutbreakApril 27, 2011

  7. IMPACT OF APRIL 27, 2011ON SIF $110M Reserved 588 Claims 215 Locations 8 Exceeding $5M 6 K-12 Schools 1 Community College 1 State Park 10 Exceeding $1M

  8. Hackleburg Elementary/High School

  9. Phil Campbell High School

  10. Alberta Elementary School

  11. SIF Comparison of Catastrophe Losses

  12. Summary Analysis • Ivan was a Category 3 Hurricane • Impacted a large portion of Alabama • Major damage to only a few locations • Cat 46 was a series of EF 3, 4 & 5 Tornadoes • Impacted a large portion of Alabama • Major damage to a large number of locations

  13. ISSUES

  14. Coordination • Coordination with Excess Carriers • Assignment of the lead adjuster • Third Party Experts • Engineers • Estimators • Accountants • Salvagers • Broker’s Role.

  15. Communication • Communication with SIF Policy Holders • Role of Risk Management • Immediate and Clear Instruction • Availability of Advance Funds.

  16. Independent Adjusters • Role of Independent Adjusters • Our Representative • Works with Excess Adjusters and Experts • Directs and Manages Claim

  17. Delays • By Excess Experts to Provide • Building Estimates • Scopes • By SIF Policyholders to • Initiate Emergency Restoration due to State Bid Law rules.

  18. On A Positive Note • Our Broker helped us resolve issues quickly and is currently working with excess on specific guidelines to follow after a CAT Loss • Our Independent Adjusters remained loyal to the SIF • The SIF made advance funds immediately available to hardest hit locations.

  19. ALABAMADepartment of FinanceRisk Management Division Questions?

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