A hard market is expected to continue into 2021, and insurers and universities alike will have to stay creative in their approaches to risk management and underwriting higher education through this financial crisis.
While avoiding the risk of community spread by having classes exclusively online is not feasible for many colleges, the risk of spreading the virus can be reduced by banning all mass gatherings, including college football practices, on campus.
Think about what it means if an organization converts to a microservice architecture monitored by a cybersecurity rater. A person knocking on the cyber wall door will trigger risk management responses.
For schools of every level or subject across the entire globe, the academic fall semester will have hiccups. Starting the school year with good risk management will minimize the need for damage control in the long run.
Professionals may seek out advanced degrees during economic downturns, but that doesn’t mean higher ed won’t suffer mightily due to the COVID-19 outbreak. Here’s what higher education risk managers should keep in mind going forward.