What should a CFO know?
A recent Wall Street Journal article reported that prices on nearly every type of insurance are rising in the United States. And it doesn’t matter what your loss history is like.
“Insurance is a cyclical industry. During periods without catastrophic claims, insurers compete for customers by lowering prices. Following large natural disasters or other big losses, they typically raise prices or reduce exposure to certain risks.” (Source: Morning Star)
What happens in the US, eventually trickles down to Australia, New Zealand and the South Pacific. Given this information, we must brace ourselves for cost increases in the coming renewal year.
As an organisation we’ve experienced years of lower premiums and years of increased premium costs and RMS has always worked hard to do what we can to lessen the impact of those cost increases. Our commitment to obtaining the best possible rates and service for the Adventist organisation continues.
While it may be seen as a significant annual expense, adequate cover enables resilience and sustainability of the Adventist Mission after a loss event. As we approach the renewal period we thank you for your faithful stewardship in ensuring that your Adventist site has enough cover in place should the unthinkable happen. If you’re not sure, reach out to us for help.
If you want to speak with RMS in more detail about property cover or any of the other covers available to Adventist organisations, please get in touch, we’re happy to take your call.