Navigating the intricate landscape of the manufacturing industry, especially when it comes to risk management, requires a deep understanding and specialized coverage solutions. Here’s where Kapnick Insurance shines. As part of our ongoing commitment to provide industry-specific insights, we’re excited to share our 2023 Manufacturing Benchmark Report.
This report is a treasure trove of data, offering a snapshot of insurance purchasing decisions made by manufacturers, providing valuable insights that can guide your decision-making process.
In 2021, the U.S. Department of Commerce reported that manufacturing companies contributed $2.3 trillion, or 11.9 percent, to the U.S. Gross Domestic Product. Our newly released report offers decision-makers in these companies valuable insights drawn from the purchasing decisions of over 1,000 peers. This information can serve as a robust framework for strategic insurance purchasing decisions.
Our 2023 Manufacturing Benchmark Report is the third annual survey of purchasing habits among manufacturing companies insured through Assurex Global Partner Firms. The survey includes data from 1,045 firms, with revenues ranging from less than $1 million to a staggering $28 billion. Key findings from the report highlight intriguing shifts in the insurance marketplace, including:
- Property Insurance: Average property rates have risen by 37% compared to last year. Interestingly, rates tend to decrease as property values increase.
- General and Excess Liability Insurance: General liability rates have seen an average increase of 18% compared to last year. Smaller firms are experiencing substantially higher liability rates than their larger counterparts.
- Ancillary Coverages: There has been an uptick in the number of firms purchasing directors and officers liability coverage, as well as the limits purchased.
At Kapnick, we stand ready with the necessary resources, expertise, and solutions to support you. Ready to learn how this report can give your organization that extra edge? Check out the key findings or click here to access the full report.
