2019 CSD Pool Financial Results Now Available

The Pool’s yearend financial results from 2019 have arrived. This was once again a year of both challenges and victories. While the year was mostly successful, there were a few large claims in Property, Workers’ Compensation, and Public Officials Liability.

This led to a reduction in surplus which will take time to recover. Those losses involved perils that are hard to foresee, like an accidental death, or hard to completely mitigate, like hail. Losses like those are why the Pool exists—to help bridge members from crisis to resolution.

This reduction in surplus is also part of a larger commitment to the Pool’s Mission Statement, which in part calls for the provision of best-in-class coverage at stable and competitive rates.

In pursuit of that goal, we have chosen to hold Property rates lower in spite of tremendous market forces pushing them higher. That led to this strategic reduction in surplus—one that also brings tremendous value to our members.

On the upside, the Pool spent this year investing in ways to head off some of the losses that we saw in 2019 and even help members respond to unexpected issues like the COVID-19 pandemic. For example, our investment in Enterprise Risk Management (ERM) training has begun to pay off as the Pool embarks on its own ERM journey, inviting members to do the same.

Additionally, we at last acquired a SKIDTRUCK to provide novel, effective, and exciting training to members. Up until now, this wasn’t available anywhere in the state.

The Pool’s members reported larger total operating expenses and total insured property values in 2019. With that growth in operations came greater risks, especially in light of the health and financial consequences of the COVID-19 crisis.

Rest assured that despite the bumps in 2019 and the crisis brewing now in 2020, the CSD Pool remains financially stable. That stability gives us the ability to be responsive to your needs as we continue to look forward.

You’ll find more in our 2019 Annual Report, which will be hitting mailboxes and email addresses soon. You can also view a digital copy at csdpool.org/financials.