Bank Insurance Crystal Ball 2021

Concise Version:

The bank insurance marketplace in 2021 will continue to be dynamic. We are in a seller’s market (as compared to the relative buyer’s market we have been in for well over ten years).

If your bond/management liability/cyber liability renews this year start the process six months before renewal. Get applications back to your underwriter fast. Get a firm commitment from your insurer three months before expiration as to their approach for your policies.

They are not going to quote premium that early. However, your underwriter can tell you about their expected direction. Learning that your policies will be renewed and that coverage will be as expiring with a ten to fifteen percent increase (or some version of that) is about all you expect. However, that gives you the information you need so you can decide to bring in other insurers or not.

Of course, your best strategy is to have me standing next to you.