2022 Non-Profit Benchmark Report Published

COLUMBUS, OHIO – The 2022 Non-Profit Benchmark Report is published and now available from Assurex Global.

With the report, non-profit organization decision-makers can find insights, statistics, and other valuable information gleaned from the purchasing decisions of hundreds of peer organizations, all of which can help build a good framework for their own insurance purchasing decisions. 

“Non-profits face a wide variety of risk management issues, often while dealing with vulnerable populations,” said Nichalas Flores, Agency Partner / Nonprofit and Human Services Practice Leader at The Mahoney Group. “The data and commentary in this report provide the expert guidance to create better outcomes for these organizations faced with complex insurance decisions.”

The non-profit sector of the economy is large and complex. According to the Urban Institute’s June 2020 sector report, approximately 1.54 million non-profits were registered with the Internal Revenue Service, contributing over $1 trillion to the U.S. economy. According to the Bureau of Labor Statistics, non-profits employ over 11 million people.

According to the National Philanthropic Trust, an estimated 25.1 percent of U.S. adults volunteered in 2017, contributing an estimated 8.8 billion hours, valued at approximately $195 billion.

The 2022 Non-Profit Benchmark Report is the second annual report studying insurance purchasing for the non-profit sector. The survey examines the insurance purchasing decisions of 249 organizations, which generate $5 billion in revenue in aggregate.

While much of the data conformed to expectations, some elements surprised us, including:

• Professional liability and excess liability limits increased compared to last year’s survey.
• D&O liability limits also increased compared to last year’s survey.
• Community services organizations are more likely to purchase directors and officers insurance than religious, social, and giving organizations, despite the rate per $1 million of limit being significantly greater.
• Community service organizations are more likely to purchase larger cyber limits than their religious, social, and giving counterparts.
• The percentage of firms purchasing cyber coverage is greater than in our last survey.
• The percentages of firms purchasing manufacturer’s errors and omissions coverage, environmental impairment, international coverage, and product recall were less than expected.

Assurex Global conducts numerous reports annually to assist partners and clients. Benchmark reports are also available for the Education, Health Care, Construction, Manufacturing, Real Estate, and Technology/Life Sciences industries.