Maximum refund to OSBIE Members for second consecutive year

GUELPH, ONTARIO  – OSBIE announced a maximum premium refund of $13M to its Members at its September Board meeting. This refund represents 40% of OSBIE’s annual written premium.

“By collective pooling and investing of funds, OSBIE Members benefited from higher than projected investment returns,“ said Jim H. Sami, CEO, OSBIE. “This refund, while substantial, does not impact our capital levels which ensure our long-term sustainability.”

Forecasting for 2018 sees Boiler, Crime and Cyber renewing at 2017 rates. Members, however, will benefit from rate decreases in these lines of business: Liability Members will enjoy a 2% rate decrease, Property Members a 4% rate decrease and Auto Members a 6% rate decrease. An improved risk profile has prompted these rate reductions. This translates into OSBIE collecting $700,000 less in premium.

OSBIE serves the insurance needs of 73 Ontario Boards and four Authorities. Strong and stable membership is evidenced by a recent 95% renewal rate for a five-year subscription.

About OSBIE

The Ontario School Boards’ Insurance Exchange (OSBIE) is a school board owned, non-profit insurance program. It operates as an alternative to the traditional insurance market. The primary goals of the Exchange are to insure member school boards against losses, and to promote safe school practices. Members benefit from customized coverages and quality risk management products and services. OSBIE is celebrating its 30th year in business in 2017. Learn more at osbie.on.ca