Insurance Market Trends

We Are In a Difficult Market

Privacy & Network Security Coverage, as well as Technology Errors & Omissions, have up until now been insulated from the ever hardening insurance market.
However, recent Ransomware Attacks and Data Breaches are causing the market to retract. Standard carriers are pulling back limits and coverage options while the Excess and Surplus Lines markets raise retentions and premium. No renewal is safe. Even if your client has not had a claim, others in their class probably have, driving additional premium increases.
Technology Errors & Omissions, Cyber or other Professional and Managerial business lines are not the only markets impacted. Prepare all insureds for the hardening market. Here are some tips to help with those difficult renewals:
  1. Get started early with your renewals
  2. Communication is vital. Ask questions of us, your insurance underwriters, and share your responses with clients
  3. Have early pre-renewal meetings with your Insureds covering:
    • The New Market status – Insureds should plan questions from the market- underwriters are underwriting again
    • Get a Ransomware supplement completed for every Cyber, Technology or Privacy & Network Security Account
    • Get applications early and be prepared to remarket
    • Auto-renewals – as carriers pull back authority to place coverage, you may have to complete an application where before you did not
    • Explain that premiums are going up anywhere from 10% to 25% on most lines of coverage, and this includes Professional, Management, and even Technology Coverages
They say nothing worth doing is ever easy. We will all have to adapt to get through this market. CSRisks is here to help you secure the best possible terms by searching the market for the right solution. The best terms may include higher retentions and premiums for coverage options; however, you can count on our seasoned professional team to solve your insurance problems regardless of how challenging the market gets.