Not surprisingly, 2021 will be challenging for insurers and reinsurers worldwide. Catastrophic storms and wildfires continue to result in huge property losses for insurers, while civil unrest is creating issues in liability as well as property markets. Sexual abuse and molestation claims are on a nationwide increase as “me too” suits continue to make the news and cost millions in defense and punitive damages. Cyber liability rates continue to rise in the government sector, as localities in the United States have made the national news with multimillion dollar losses.
As a result, VRSA has started the reinsurance placement process earlier than usual this year, conducting a market search for the best available coverage, terms and rates for our 2021 renewal.
The only way to ensure the best coverage terms and rates is to provide thorough and accurate information to potential reinsurers. Due to consistent data collection over the years, our search so far has been positive, with minor requests for additional information.
The exception was the cyber market, which is still a relatively emerging coverage.
We want to thank all members who promptly filled out this information. For those who have not, please consider returning this information by the end of the month. We need to compile all responses before beginning our search.
If you have any questions regarding this request, or if you need a cyber questionnaire forwarded to you, please contact your underwriter.