Ever since our operational inception on June 30, 1988, The National Catholic Risk Retention Group, Inc. (National Catholic) has consistently provided extremely broad, comprehensive coverage with expansive coverage limits and excellent related services. In addition, we always maintain a very stable, fair and affordable price for all our insurance products. The overall commercial property and casualty insurance market in the United States simply cannot substantiate a similar claim.
America’s insurance industry has historically fluctuated between “soft” and “hard” market cycles. A soft market cycle is characterized as a buyer’s market. It typically has multiple coverage options and substantial coverage limits readily available from many insurers. These products are offered at very competitive-and even cheap-prices.
A hard market cycle, on the other hand, is characterized as a seller’s market. It has very restricted coverage options, as well as inadequate limits of both available and difficult-to-obtain coverage. In addition, hard market products are sold at extremely expensive and often unaffordable prices.
The worst hard market in the history of the American insurance industry began in 1984 and persisted through most of 1987. This insurance market was so bad that Time magazine featured the crisis in a March 24, 1986 cover and article: Sorry America, Your Insurance Has Been Cancelled. This insurance market quite literally produced a coverage crisis of inadequate, unaffordable or even totally unavailable insurance that devastated both nonprofit and commercial entities alike.
National Catholic was launched specifically in response to this insurance market crisis.