ACTUARIAL FEASIBILITY STUDY FOR METIS SETTLEMENTS INSURANCE

The Government of Alberta would like to explore options to establish Metis Settlements home insurance with the Metis Settlements General Council, and the eight Metis Settlements (East Prairie Metis Settlement, Elizabeth Metis Settlement, Fishing Lake Metis Settlement, Gift Lake Metis Settlement, Buffalo Lake Metis Settlement, Kikino Metis Settlement, Peavine Metis Settlement, and Paddle Prairie Metis Settlement) to mitigate the impact of costs associated with future disasters. In line with this, the Government of Alberta is seeking an Actuary contractor through this RFP to conduct a Feasibility Study to help inform the government which home insurance options are most viable and cost effective for Metis Settlements in the event of disasters like wildfires. This project aims to address a gap in support of Metis Settlements and provide a long-term solution to mitigate the impact of costs associated with future disasters on Metis Settlements. Between September 11, 2023, and November 30, 2023, the contractor will conduct a feasibility study to assess the cost and viability of coverage through commercial insurance, reinsurance, and self-insurance (ex. Reciprocal insurance exchange, and captive insurance company). The Feasibility Study will result in a final report that provides a costing of these options, their respective pros and cons, and the steps that need to be taken to implement them. The Feasibility Study will need to include the following: 1. Gather information and conduct domicile analysis of approximately 1,500 homes. 2. Create an inventory of all homes on each Metis Settlement. 3. Review insurance data, loss data, and financial information for every Metis Settlement home. 4. Conduct modeling for the various insurance options, including commercial insurance, self-insurance (such as Captive and Reciprocal Exchange) and re-insurance. 5. Provide a least two (2) quotes from commercial insurance brokers for insuring all homes on each individual Metis Settlement and all Settlements together. 6. Present findings in a final report and provide recommendations on best option. The Contractor will be required to submit bi-weekly written status reports to the Province, outlining: 1. Overall summarization of the Project progress; 2. Services provided; 3. Remaining deliverables, progress, and expected delivery on each; and 4. Issues and concerns affecting specific deliverables and the Project schedule or any other aspect of the Project. MANDATORY REQUIREMENTS: The Proponent must demonstrate that it meets the mandatory requirements as set out in Attachment # 1,& 2 to Appendix C to this RFP. See attached RFP MR0002 - Request for Proposal document for more details regarding this RFP.