Dear Fellow Policyholders,
I am pleased to report that the Exchange generated net income of $160,573 in 2022. That favorable outcome results from a 2% increase in premiums earned and a 49% decrease in losses incurred. Policyholder surplus also increased 2% to $5,186,327.
We know that these continue to be challenging times for drycleaners and laundromats. We’re all still fighting COVID, and supply shortages, and staffing shortages, and inflation, and climate change, and now it looks like there’s a recession on the horizon!
The Exchange is trying to minimize increases in the rates it charges its policyholders, but that’s challenging because the rates that reinsurers charge the Exchange have increased dramatically.
We wish you and your business great success in 2023. Let’s get inflation back under control without a hard landing.
