While many departments focused on the June 30th deadline for fiscal year end, May 1st was an important insurance deadline for the Treasurer’s Office.
The renewal of the University’s insurance policies for the 2023-2024 policy year was highly anticipated based on the results of prior years, where we saw significant cost increases due to a difficult insurance market.
Fortunately, we did very well for this renewal term as several lines of coverage saw no increase in our renewal costs from last year to this year. Overall, we only saw a 9% premium increase on our entire insurance portfolio, which is a positive result in the current insurance market.
Our entire portfolio contains over 15 lines of coverage, many of which are system-wide coverages, intended to cover all UMass locations. In fact, the renewal results are even better when looking at the system-wide lines of coverage only. The University experienced only a 5% premium increase for system-wide coverages when compared to the prior year.
Two of the most noteworthy lines of coverage are our General Liability and Cyber Insurance coverages. Both are system-wide policies, and we have been lucky to maintain our current coverages. In discussions with our broker, many similar public higher education institutions saw a reduction in coverage, or a discontinuation of coverage entirely. UMass is seen as favorable in the market, given our proactive measures to mitigate insurance-related risks, taken at both the central and campus levels.
If you have any questions or would like further information regarding the University’s insurance programs, please contact our Insurance Risk Analyst, Joshua M. Tucker.