The May Board of Directors meeting for Enduris just wrapped up. The directors you have elected to be on the board have been diligently working this year on two major initiatives – a three-year strategic plan and an actuarial based study to fulfill our goal of providing long-term protection from property and liability loss through the long-term viability and financial stability of Enduris.
Members of Enduris are well represented by these individuals who volunteer their knowledge, wisdom, time, and effort on your behalf to provide direction and leadership. They come from different districts with diverse backgrounds and collectively provide governance and oversight which strengthens the risk pool. They are truly a remarkable group of individuals.
The board and the risk pool face difficult territory as the reinsurance market continues to be difficult. An article about property reinsurance rates in the Business Insurance publication states that in the U.S., loss-free non-catastrophe exposed accounts saw rate increases of 20%-40%, while loss hit accounts were up 60%-100%.
Fortunately, Enduris has solid relationships with our reinsurers, but members have experienced some large property losses in the past 3 years. We have been there for members with the losses, but it does present challenges at renewal. Reinsurance contracts are currently in negotiations. Because of Enduris’ strong position in the market and the benefits of pooling, members will likely experience a property rate increase of less than 20% and a liability rate increase of less than 10%. Watch for further communications and updates.
We value your continued support and will continue to offer Reliability in a Risky World.
Sheryl Brandt, Executive Director