Vital Statistics of the CRMBC Group
The Board of Directors of CRMBC feels it is important to keep the membership informed regarding the health of the group. As of 3/31/2010, the vital statistics of the group are:
1. 725 Members
2. Over 3500 restaurants and 75 country clubs
3. $39,000,000 in annual contributions
4. Covering approximately $1,300,000,000 of payroll and 130,000 employees.
5. Loss ratio since 2005 = 35.1%
Since inception, the group has earned $160,000,000 in contributions, paid $40,000,000 in medical bills and benefits, still has $16,200,000 in reserves and has an additional $13,200,000 held in bulk reserves to guard against future claim development. Invested assets of over $30,000,000 are held in very conservative securities. In addition, CRMBC has declared over $20,000,000 in surplus distributions (commonly called dividends) to the membership.
The group has consistently out performed the standard insurance market as the loss costs (average cost of claims per $100 of payroll) have decreased every year since inception due to the programs CRMBC has put in place such as the nurse triage, a proprietary network of industrial medical providers, stringent claim oversight and the excellent participation of the membership in preventing and / or containing loss.
2010 is off to another good start with current loss ratios running at 15.5% for the first quarter. That is excellent performance and every one involved should be very pleased with the results. It is especially good performance when one considers the industry is reporting loss ratios approaching 80%.
In summation, CRMBC continues to be a strong and secure group. Its value is recognized and its presence in the workers comp market continues to grow (60 new members thus far in 2010). Current trends would indicate the group will continue to have exceptional performance for the foreseeable future. Our rates, while not the lowest, remain competitive. It is the stated goal of the program to stabilize rates over time. This approach will provide the net lowest rates to our membership while protecting the group against any unforeseen changes in the workers compensation environment.
As always, if you have any questions regarding the group, please contact your program representative.
