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Actuarial Consulting Services

ID: 00002493 • State:
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Description

The City of Portland, Risk Management, is seeking Actuarial Consulting Services for annual independent actuarial study performed, primarily to provide guidance for setting reserve levels at several confidence levels, general liability and workers ?? compensation program funds, as well as overall Risk Management Division budget and financial forecasting.
Background
The City of Portland, Oregon, through its Risk Management Division, is seeking Actuarial Consulting Services to conduct an annual independent actuarial study. The primary goal is to provide guidance for setting reserve levels at various confidence levels for general liability and workers' compensation program funds. This will also assist in overall budget and financial forecasting within the Risk Management Division. The City manages its own liability and workers' compensation claims and has an electronic risk management information system to support this process.

Work Details
The selected contractor will perform the following tasks:

1. Conduct annual actuarial studies for both general liability and workers' compensation programs over a period of five years.

2. Review the City’s insurance program, historic claims information, and risk management program.

3. Provide detailed actuarial studies that include:
- Paid loss development
- Incurred loss development
- Reported, open, and closed claims
- General liability and auto liability
- Medical and indemnity for workers’ compensation
- Allocated loss expense
- Recoveries
- Loss by unit of exposure
- Average claim size
- Size of loss distribution
- Loss trends adjusted by Consumer Price Index (CPI)
- Payment patterns
- Payment and recovery estimates for the upcoming six fiscal years, including the year during which the study is produced
- Ultimate costs and counts
- Discounted and undiscounted ultimate cost estimates at various confidence levels for the upcoming six fiscal years
- Case loss reserves
- Indicated future loss development
- Total indicated reserve targets
- Special exhibits as requested.

Additionally, a special version of general liability tables based on the Police Bureau's self-insured retention will be required.

Period of Performance
The contract will be performed over a period of five years with annual studies conducted each year.

Place of Performance
The services will be performed in Portland, Oregon.

Overview

Opportunity Type
Open Market
Pre-Bid Conference
No Pre-proposal Meeting.
Opportunity ID
00002493
Response Deadline
Feb. 24, 2025 Past Due
Date Posted
Jan. 24, 2025
Est. Value Range
Experimental
$50,000 - $200,000 (AI estimate)
Agency Distribution
Moderate
Source
On 1/24/25 PTE - Professional, Technical, & Expert Services in issued Open Market Actuarial Consulting Services with ID 00002493 due 2/24/25.

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Documents

Posted documents for Actuarial Consulting Services

Additional Details

Source Department
PTE - Professional, Technical, & Expert Services

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