Articles

Hard Commercial Property Market to Linger as Property Owners Take On More Risk

Today’s hard U.S. commercial property insurance market — one that is the longest and toughest seen during the careers of even the most seasoned industry veterans — is likely here to stay for a while. “This is the hardest property market we’ve seen in 20 years,” said Scott Purviance, chief executive officer of Amwins. “I’ve never seen anything like this hard market,” added Nancy Woode, head of the...

Livestock Operations Grow as Demand Rises; Nationwide’s Cumings Sees Direct-to-Consumer Models Adding Additional Liability Risk

Specialization is critical in the cattle business and increased consumer demand for protein is driving new trends, including niche farms that offer direct-to-consumer strategies. In today’s evolving and growing livestock landscape, deep knowledge of market conditions and specialization is key to success, according to Erin Cumings, a senior consultant with Nationwide’s sponsor relation team who has...

Risk Management in the Metaverse

For many, the “metaverse” sounds like some obscure sci-fi fantasyland. You may be asking, where is it? How does one get there? Well, if you’re reading this article on a screen, you are already scratching the surface of what could be characterized as the metaverse. That’s right. Generally speaking, the metaverse is just a new way of talking about cyberspace. And you know cyberspace. Think about tha...

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...