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Agency Reports Okla. Paying Less for Insurance (Jun 03, 2011)

OKLAHOMA CITY (AP) — The amount the state pays in liability and property insurance premiums is going down.

Department of Central Services Director John Richard announced this week the state has received a $7.8 million credit in premiums for the fiscal year that begins July 1. He says the premium credit reflects a 55 percent reduction in the amount the state pays for property and liability insurance.

Richard also says the department's Risk Management Division has been able to increase insurance coverage.

He attributed much of the reduction to the work of individual agencies, colleges and universities for reducing or eliminating insured losses.

Richard says liability losses are down more than 30 percent since 2005. But he says the average claim costs have increased slightly because of higher medical costs.

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