According to USI Insurance Services, following on from last year’s challenging property insurance market, 2024 is proving to be a “more stable and capitalized market.”
Tag: commercial property insurance
Why Strong Carrier Partners Are a Must in a Hard Market
The hard insurance market for many product lines continued throughout 2023, with rate pressure, underwriting scrutiny, and capacity restrictions expected into 2024. A strong partnership with your carriers is essential for agents to navigate this hard market, help clients get the insurance protection they need, retain business, and gain new customers.
Navigating the Hard Market for Reinsurance
As 2023 drew near, the reinsurance market entered a challenging phase characterized by significant rate increases and a more cautious approach to risk. Reinsurance is insurance for carriers. And, when reinsurance rates fluctuate, they impact distribution channels on all sides, as seen in robust marketplaces such as the Program Business Storefront Directory.
Hard Market Rates Continue with Average Premium Renewal Rates Up for Most Major Commercial Lines
Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation.
How to Help Your Clients in the Tough Property Insurance Market
The commercial property insurance market remains challenging, with several factors contributing to difficult conditions and premium increases. First, the frequency and severity of catastrophic events have caused significant losses globally. Second, reinsurance costs have risen due to catastrophic events, inflation, and selective reinsurance. Third, underinsurance is a concern, with many business owners needing to adjust their policy limits.
2023 P/C Market Survey Shows Signs of Stabilization in Cyber, With Spike in Commercial Property Premiums
Commercial property premiums spiked by 20.4% in Q1 2023, which is the first time since 2001 that this line experienced an increase of over 20%.
CA Commissioner Lara and FAIR Plan Reach Agreement to Increase Commercial Property Insurance Limit to $20M
This important adjustment more than doubles existing coverage limit options for California businesses.
Year-Round Wildfire Season Forcing Businesses to Think Ahead
Wildfires are becoming a year-round challenge for businesses across the country, but companies can take proactive steps, from scenario planning to site design, to reduce the risks they face, according to experts. Every state except Delaware experienced wildfires last year, and experts predict an above-average season this year as well, according to Richard Standring, a… Continue reading Year-Round Wildfire Season Forcing Businesses to Think Ahead
Low-Income Residents Face Higher Risk of Deadly Fires Like Bronx High-Rise Apartment Blaze
The deadly fire in a Bronx apartment building was the second such tragedy in low-income housing in the United States this month, highlighting the persistent link between poverty and residential fire deaths. “This is not to say that poverty invariably leads to fires,” said Birgitte Messerschmidt, research director at the National Fire Protection Association. “However,… Continue reading Low-Income Residents Face Higher Risk of Deadly Fires Like Bronx High-Rise Apartment Blaze
Colorado Residents, Business Owners Face Challenging Insurance Situation in the Wake of Marshall Fire
Residents and business owners who lost everything in the Marshall Fire face a daunting insurance situation in which skyrocketing property values and supply-chain shortages make it unlikely that many home or business insurance policies will cover the full cost of rebuilding. “Statewide, we’ve had all these increases in property values, and very often the policies… Continue reading Colorado Residents, Business Owners Face Challenging Insurance Situation in the Wake of Marshall Fire