Self-insurance means you put some money aside to pay for possible losses, rather than buying insurance. The issue with self-insuring alone, is that one large loss is impossible for most to bear.
Traditional insurers group customers together to reduce risk. All the profit is kept during the in good times and the bad times are covered by reinsurance.
A Picnic Self-Insurance Pool allows Members to benefit from keeping all the profit from self-insuring. These insurance alternatives harness the group-buying power of reinsurance and the aggregated risk is spread across all Members. The pool pays for smaller losses. Reinsurance is in place to cover large losses.
Profit in a self-insurance pool is retained in the pool for its Members. It can be used to enhance product benefits or reduce future contributions.
Picnic Self-Insurance Pools are all not-for-profit and customer owned. They can be Insurance Mutuals, Discretionary Mutuals, Captives, Aggregate Deductible Schemes
Picnic Labs is conducting a survey to understand the breath and depth of the issues in Professional Indemnity Insurance. The results of this survey will guide a feasibility assessment of the pain being experienced by customers, and identify the next steps to create an insurance alternative.