Articles

January Renewals See Hardest Property Catastrophe Reinsurance Rates in Generation

A convergence of global events has led to the hardest property-catastrophe reinsurance market in a generation and a “complex,” “grueling” and “late” January renewal season, which went down to the wire, according to reports issued by brokers Gallagher and Howden Re. The geopolitical and macroeconomic shocks that occurred during 2022 included the war in Ukraine, fractured energy markets, 40-year hig...

Insurance Pricing: True D&O Buyer’s Market; Stabilized Commercial Auto

Insurance brokerage USI is forecasting that half of 32 commercial insurance product lines analyzed will experience softer pricing in the first half of 2023—including a predicted “buyer’s market” for directors and officers liability with some caveats. Comparing USI’s forecasts for the first half of 2023 from the firm’s recently published “2023 Commercial P&C Market Outlook” with midyear 2022 foreca...

Pickleball Explosion in Florida Creating New Hits and Misses for Insurers, Agents

If the insurance industry hasn’t noticed, the sport known as pickleball is exploding across the country, especially in Florida, where more than 15 indoor clubs, replete with air conditioning, cafes, locker rooms, video training and other amenities are planned or are under construction. The growth has brought new opportunities but some tricky challenges for carriers, insurance agents and property d...

Drilling Down to Access Capabilities Between Wholesalers

Historically, wholesale insurance brokers have been viewed through the limited perspective of being solely a transactional facilitator of submissions or an avenue to access additional markets, especially in the excess and surplus (E&S) marketplace. But now more than ever, the complex nature and specific needs of clients indicate this is an outdated view. Retail insurance agents must decide if...

Hotel Industry Pushes Through as Insurance, Economic Uncertainty Builds

A busy summer travel season provided a much-needed boost to the hotel industry but rising insurance costs and other economic factors threaten to undermine the sector’s ongoing recovery. After nearly three years of losses related to COVID-19, hotel industry revenue and occupancy may actually exceed pre-pandemic levels by the end of 2022, according to the American Hotel and Lodging Association (AHLA...

Real Estate Strategy: How to Win in Today’s Challenging Market

The real estate insurance market is in a state of transition. Increased frequency and severity of natural catastrophe losses have taken their toll on the real estate property market. Add in losses due to civil unrest endured in 2020 and top that off with inflation and other economic challenges, the market sees even tougher conditions ahead, says Ryan Flanagan, senior vice president at Heffernan In...