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.
Tag: hard property insurance market
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.