2023 Commercial Risk State of the Market Mid-Year Report

2023 Commercial Risk State of the Market Mid-Year Report

In the Commercial Risk State of the Market Report, we discuss the challenges and trends impacting businesses, individuals, and the insurance industry, and explore emerging trends and risks while highlighting strategies and solutions that can help you mitigate risk and achieve your goals. In the commercial risk space, some market segments and industries are still seeing hardened conditions as a result of continued underwriting losses.

This means that carrier capacity is diminished, insurers are retracting from riskier markets, premiums are higher, and underwriting scrutiny is heightened. Fortunately, other market segments have begun to soften, with rate increases still present but moderating. Through 2023, it is likely that insurance carriers will remain disciplined in the underwriting process for all markets.

No matter what the current state of the market may be, BRP’s Advisor and Client Experience teams are focused on delivering the best results for your risk profile and operational DNA. Though a challenging insurance market and economy highlight the importance of working with the right broker, a strong broker relationship provides benefits that are valuable for you at any given time. Our Commercial Risk, Employee Benefits, and Private Risk advisors come to you with specialized expertise in both insurance and a wide array of industries and are here to provide personalized, innovative, and sound recommendations that can help you transform challenges into opportunities.

Connect with a BKS Partners Commerical Risk Advisor to ensure your coverage is adequately protecting your business.

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Table of Contents

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This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. Baldwin Risk Partners, LLC (“BRP”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. BRP does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, BRP does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

Baldwin Risk Partners, LLC offers insurance services through one or more of its insurance licensed entities. Each of the entities may be known by one or more of the logos displayed; all insurance commerce is only conducted through BRP insurance licensed entities. This material is not an offer to sell insurance.

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