Webinar replay: Education industry state of the insurance market
Challenging market shifts continue to impact nearly every line of insurance coverage for educational institutions.
Marsh’s Education Practice leaders recently presented a state of the insurance market, a review of 2021 outcomes and anticipated market conditions for 2022.
Event highlights and market dynamics:
- U.S. P/C insurance industry continued to show resiliency in 2021.
- Cyber insurance rates continued to rise driven largely by the continued increase in the frequency and severity of ransomware claims with many insurers seeking to tighten coverage terms and conditions. The cyber marketplace for the education industry remains challenging with rates continuing to trend upward with 94% of the education industry seeing rate increases.
- 2021 significant CAT losses are estimated at $105B; however, the property market appears to be normalizing.
- Current casualty trends are expected to continue through 2022. Higher retentions may be needed to balance the continuing challenges in the casualty market and the increased claim activity.
- Student health planning must address the increasing demand of behavioral health services - telehealth use and cost continue to grow.
Strategies to consider when planning for a successful renewal:
- Institutions with casualty renewals should prepare for additional underwriting questions.
- Excellent cyber controls are now the baseline to access cyber coverage, it is critical to get started early.
- Become acquainted with alternative forms and coverage - balance the value drivers between coverage, capacity, and price.
- Communicate often with internal stakeholders to manage expectations.
A replay of the event as well as a copy of the presentation with panelist contact information can be found below.