W A S H I N G T O N C O U N T I E S R I S K P O O L
|
2 0 2 2 - 2 3 A N N U A L R E P O R T
EXECUTIVE DIRECTOR'S MESSAGE
TO THE WCRP BOARD OF DIRECTORS:
It’s easy to say over and over that you’re strong. That you can navigate any challenge thrown at you,
that you can climb any mountain, or endure any storm. Saying it is one thing, but you never really know
for sure until you’re tested. Well, the Washington Counties Risk Pool has been tested – and tested – and
we’ve proven our strength and resolve. While we should acknowledge our success, and celebrate it, we
should always be prepared to do it again – and again.
Over the past decade, the WCRP has not only positioned and braced itself for the uphill challenges and
that were coming, and that came, but we’ve gone even further by doing more, performing better, and
finding ways to support the members and provide resources. All of this while still getting the “normal”
work done. Work that doesn’t take a break while we deal with unexpected challenges.
While we saw almost exactly 100 more claims reported this past year than we did the year before, our
claims team was able to close over 100 more claims than we did last year as well. While the work and
demand may rise, our teams rise to the challenge! As you’ll recall from our board meetings during the
year, the most talked about subject was the dramatic increase in the larger payouts – driven by local
and national verdicts, which has been driven by social inflation. We went from having eight claims over
$1 million to having 16 over $1 million. As I write this, that number is 22. You don’t have to be a
mathematician to see that this comes to a minimum of $22 million in claims, and that with a current
self-insured retention of $3 million, most of that will be paid by the Pool, rather than covered by
reinsurance.
While someone who doesn’t know us might read my preceding paragraph as cause for alarm, we’re all
comforted with the knowledge that the WCRP has worked to become so financially formidable, that we
merely see this as a tree across our path, to be leapt over. We can’t ignore it, and we must deal with it,
but it doesn’t impede our journey. We’ve built this financial strength in a multi-faceted approach. Yes,
we’ve intentionally added funding directly toward our capital position, increasing our assets, but we’ve
also made countless efforts to also reduce our liabilities by driving down the number and cost of claims.
Training over 3,017 attendees through 65 total classes (compared to 2,300 and 53 in the preceding
year) that focus on the actual risks we face. Constant communication with the members about risk
issues, funding programs for purchases and projects, and
a
risk management team that brings
experience and knowledge to the organization and shares that knowledge with our partners out in the
membership. Top this off with an admin and finance team continuously striving for efficiencies,
including furthering our paperless environment, and yet another exceptional report from the State
Auditor.
Sometimes it can feel like every summit you reach ends up just being the base of the next. That can’t be
more true when we talk about the last few years and the next few to come. We should still celebrate our
success of reaching each milestone, and last year was one to celebrate. Success isn’t measuring how
much you have, but how much you have left after the difficult times. I hope you’re all as proud as I am
that we’ve come out of the past few years in a very good position.
Thank you to the Board of Directors, the Executive Committee, the entire membership, and the
awesome staff we have for making this past year another successful one.
DEREK BRYAN
EXECUTIVE DIRECTOR
