For over 30 years, CTSI and your pools have successfully navigated each year’s challenges and consistently provided comprehensive services to pool members. However, this is the first year we have not had an opportunity at the CCI conference to provide all members with a pool update and report on renewals for next year.
At the pool Board meetings earlier this year, staff reported that all your member-owned entities received clean audit reports and were found to be on sound financial footing.
Each pool’s 2021 renewal discussions with its brokers, excess carriers and other partners are well underway, and, once again, the pools anticipate offering members their best options for coverage in the coming year.
The property and casualty market is hardening, recently impacted by large wind and hail losses and uncertainty surrounding pandemic-related claims, as well as the potential for larger claims against law enforcement agencies in the wake of statutory changes on policing.
The worker’s compensation market also experienced some uncertainty related to coverage of workers affected by the pandemic, but the worker’s compensation market overall has been robust. Notably, Colorado did not adopt legislation creating a presumption of COVID-19 coverage but may still see some claims, particularly among first responders and other essential workers.
The CAPP and CWCP pools are uniquely situated to offset these impacts by exercising pool members’ collective bargaining power and by returning earned equity to pool members while still maintaining adequate reserves to maintain a good financial position and meet statutorily required reserve ratios.
The health pool has experienced some direct impacts from serving patients who are suffering from COVID-19 but has also observed marginally reduced utilization during the pandemic. And Colorado’s legislature has recently authorized several new experiments in health insurance that attempt to replicate some aspects of CHP’s successful member-owner model.
CHP’s tested experience, extensive provider network, and member control over plan designs and benefits mean CHP continues to be the health plan provider of choice across Colorado. CHP’s long relationship with Anthem means long term stability for members. CHP’s early renewal discussions suggest that, once again, it will be offering the best benefits and lowest renewal increases in the 2021 health insurance market.
As always, members can expect that CTSI will be negotiating the lowest renewal rates for the pools so they can subsequently offer members the best possible renewal options, including first-class services and members-only pricing!
If you have any questions about your renewals, please contact us at (303) 861 0507.
A PDF of this Technical Update is available here.
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