While the City is no longer an OMEX member, there remains a remote possibility of future retro-assessments for prior years which must be funded. OMEX is currently winding up operations and it is very unlikely a future assessment will be levied.
Looking Forward
Risk Management continues to work with operating departments to try to minimize the City’s liability exposure. Risk mitigation strategies are implemented where they are cost effective to do so, and where staffing resources permit.
In addition to the Risk Reporting program described above, Risk Management also meets quarterly with Transit Windsor to go over claims experience, sits on the Special Event Resource Team that oversees third party events on City property, and sits on the Collision Review Committee where auto accidents are discussed and mitigating strategies are recommended.
Risk Management is currently working on moving Lou Romano Water Reclamation Plant’s insurance portfolio to align with the rest of the City’s insurance. As well, Risk Management is continuing to work with insurance adjusters to finalize the outstanding insurance claims made in 2018 and 2019.
It is anticipated that the City will issue an RFP for insurance services in 2022, for the 2023 insurance year, in accordance with CR660/2016.
Risk Analysis:
This report is for information purposes. Various risks and factors influencing the City’s loss experience are outlined in this report.
Financial Matters:
The table below provides a historical summary of the budget vs. actuals surplus/(deficit) over the past 5 years relating to the claims cost account.
| Claims Cost Summary | |||
| Year | Budget | Actuals | Surplus/(Deficit) |
|---|---|---|---|
| 2015 | $2,662,000 | $2,736,967 | ($74,967) |
| 2016 | $2,362,000 | $4,119,329 | ($1,757,329) |
| 2017 | $2,362,000 | $3,270,979 | ($908,979) |
| 2018 | $3,020,000 | $2,463,621 | $556,379 |
| 2019 | $3,001,647 | $1,876,943 | $1,124,704 |