40+ leaders with primary responsibility for implementing their companies’ insurance programs shared their perspective about changes, trends, and challenges in their insurance coverage.
Key findings:
- Rising premiums a widespread challenge to meeting coverage objectives – A majority of companies indicate an increase in premiums is their primary challenge.
- Among companies reporting an increase for any policy, a majority saw more than a 20% premium increase in directors & officers and property insurance premiums as compared to prior renewals
- Total limits in a few lines of coverage reduced at renewal – A number of companies experienced an increase or decrease in limits as compared to prior renewals.
- Of companies reporting changes, 28% experienced a decrease in general liability limits, while 19% experienced an increase in cyber risk limits.
- Increase in property and Directors & Officers liability insurance deductibles – At least one-third of companies experienced an increase in property deductibles, and 40% experienced an increase in Directors & Officers liability deductibles.
- Overall, a majority of companies report no change in all other major coverage policies deductibles.
