Last week, the Council Of Insurance Agents and Brokers released their Q1 2022 market report. Several takeaways that might help in your upcoming renewal negotiations:
- Premiums increased for the 18th consecutive quarter in Q1 2022, with respondents reporting an average premium increase across all account sizes of 6.6%.
- The only line aside from cyber that recorded a double-digit increase was umbrella, at 10.5%. Other problem lines, such as D&O liability and commercial property, all had increases below 10% this quarter, another sign of moderated price increases in Q1 2022.
- Brokers continued to struggle with the cyber line of business. Premium prices for the line increased by an average of 27.5% this quarter, and the theme of increased frequency and severity of cyber claims was again common in responses.
- Insurers enforced strict underwriting requirements for cyber, with many requiring at least multifactor authentication before they would even provide a quote. Insureds without loss controls, or with insufficient loss controls, would often be outright denied at renewals.
As one of the largest insurance brokerages and risk advisory firms for nonprofits in the country, our JKJ team is built to tackle the unique risks of the nonprofit provider community. The hurdles presented by the Cyber and Umbrella insurance marketplace are not new this year. We created and launched a Cyber Insurance and Risk Advisory practice several years ago. In 2021, we became nationally recognized by Advisen as the best retail broker in the United States. Leading from the front, solving problems and providing solutions to complex risk and insurance issues is what we do. We do this for behavioral and mental health providers, intellectual and developmental disability providers, children and family service providers, affordable housing providers, schools and athletic programs, drug and alcohol rehabilitation providers, medical clinics, long-term care facilities, nursing homes and more.
With our vast experience, we can execute an insurance and risk management program that will make a financial impact and provide resources and services that are unique to your organization. If you have questions, or if you would like additional information about the solutions available to you, please complete the form below: