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 leaders held a webinar to discuss the state of the insurance market, reviewed year-to-date 2022 outcomes and preview anticipated market conditions for the remainder of 2022.
Event highlights and market dynamics:
- U.S. P/C insurance industry continued to show resiliency into 2022 and the industry's capital position remains strong.
- Underwriters continue to view Education as a challenging industry. Demonstrating controls pertaining to access management and cyber resiliency will continue to help moderate the cost of capital.
- Overall deceleration of property market rate increases continues – however there has been upward pressure in May and June. The impacts of Hurricane Ian are still being determined.
- Current casualty trends are expected to continue through the remainder of 2022. Higher retentions may be needed to balance the continuing challenges in the casualty market and the increased claim activity.
- Rising unemployment is creating increased need for student health plans. Student health planning must address the increasing demand of behavioral health services.
Strategies to consider when planning for 2023:
- 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.