2022 Manufacturing Benchmark Report Published

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

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

“The Assurex Global Manufacturing Benchmark Report is a crucial value-added tool that we can use in conversations with our manufacturing clients and prospective clients to help them navigate the insurance purchasing process,” said Jack Riesch, Owner and Executive Vice President, R&R Insurance Services. “These companies need good, detailed information to make the best decisions for their risk management programs, and this report provides just that.”

The manufacturing industry constitutes nearly 11 percent of the U.S. economy. According to the National Institute of Statistics of the U.S. Department of Commerce, manufacturing companies contributed $2.3 trillion, or 10.8 percent, to U.S. Gross Domestic Product. A consensus forecast of economic growth in 2022 expects continued growth in the manufacturing industry of approximately 4 percent in the coming year.

The 2022 Manufacturing Benchmark Report is the second annual survey of the purchasing habits of manufacturing companies that are insured through Assurex Global Partner firms. The survey incorporates data from a total of 1,203 firms, generating revenues from a low of less than $1 million to a high of $28 billion. Companies range in size from 1 to 14,000 employees.

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

• There was less direct relationship between revenue and property values than we expected.
• Excess liability limits were lower than expected, particularly for larger manufacturers. 
• Small firms experienced much higher liability rates than large firms. 
• There was substantial variability in auto premiums across the various manufacturing specialties.
• The cost per million of Directors and Officers (D&O) liability coverage was relatively consistent across revenue bands, until annual revenue exceeded $100 million.
• 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 throughout the year to assist partners and clients. This is the second annual benchmark report published for the Manufacturing industry. Benchmark reports are also available for the Education, Health Care, Construction, Non-Profit, Real Estate, and Technology/Life Sciences industries.

Assurex Global (www.assurexglobal.com) is the world’s largest privately-held property and casualty insurance, risk management, and employee benefits brokerage group. The company operates as an exclusive partnership, supported by more than 100 of the most respected and successful global insurance broker members.