Filed Under:Risk Management, Public Sector Risk

Market-Hardening Signals Have Social-Service Insurers Breathing a Sigh of Relief

Market conditions for insurance in the nonprofit sector have shown sure signs of a hardening over the past six months, with prices stabilizing overall and slowly inching upward for some classes of risk.

“After several years of price decreases in a very competitive market, the trend now seems to be toward steady pricing,” says Christi Hatcher, managing director for Markel Specialty Commercial, a division of Markel Corp. in Richmond, Va.

For example, Charity First, an MGA program manager for Travelers’ social-services business for 25 years, last year had to turn down a request by a children’s group home that had hoped to hire out its teenage residents as laborers.

Fortunately, the number of clients pursuing such extreme actions, or otherwise venturing into unknown territory to try to raise funds, has waned.

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