Channel Harvest Research has completed its 17th annual national survey of independent agents and brokers, with a focus on how they’ve been managing the hard market in property-casualty insurance.
Tag: hard market
Lloyd’s Execs Urge Underwriting Vigilance as Hard Market Persists
Lloyd’s executives urge underwriters to maintain discipline even as the current hard market continues as perils emerge with their uncertainties.
Commercial Lines Performed Better than Personal, Combined Ratio Forecast at 103.9: Report
The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9. Record levels of severe convective storm losses are the single biggest driver of the overall adverse results. Hard markets continue with 2023 net written premium growth forecast at 9.0%, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.
Channel Harvest Research Launches 2024 Agent Survey
Channel Harvest Research is launching its annual national survey of independent agents and brokers, with a focus on how they’ve been managing the hard market in property-casualty 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, Inflation Continue to Boost Agency Organic Growth, Says Reagan Consulting
The independent insurance agent and broker channel posted organic growth of 11.2% in the second quarter of 2023 — once again exceeding its previous high-water mark of 11.1%, set in Q1 2023. Moreover, profit margins were high.
Best’s Market Segment Report: Europe’s Big Four Reinsurers Benefit from Hard Market Conditions
Heightened demand and higher prices contributed to a 6% increase in net premiums written in 2022 (when measured in USD) by Europe’s Big Four reinsurance groups—Munich Re, Hannover Re, Swiss Re and SCOR—according to a new AM Best report.
More Buyers Look to Captives Amid Challenging Property Market
At midyear 2023, the insurance market is essentially split into two different markets, with many property insurance buyers facing the most challenging market in 20 years, while the casualty and liability insurance market was less challenging, according to Arthur J. Gallagher & Co.
Reserving: Higher Uncertainty Puts Adequacy in the Spotlight
Larger reserves for the most recent years and a cushion for as-yet unreported claims suggest a solid buffer is in place, but recent shocks are pushing up claims, raising questions about adequacy. With uncertainty high, insurers may reduce risk appetite and new business capacity, which may in turn sustain the hard market conditions.