Much like the commercial P&C marketplace, the private client insurance market remains tight. Carriers’ risk appetites have changed in a continued hardened market, with the property market being particularly challenged. More carriers are leaving disaster-prone areas, leaving thousands of homeowners unprotected from the destruction of natural disasters.
Ultimately, the availability, rates, and terms of coverage for insureds will vary greatly by insurance line, loss history, geographic location, and implementation of loss prevention. Businesses and individuals with a preferred risk profile that have a good loss history and an ability to demonstrate how they can recover from triggering events will be strongly positioned to get the best rates and terms.
Continuing to face upward rate pressure will be those with poor risk profiles, exposures to natural catastrophes, losses, and large industry-specific exposures. There is no doubt that the current socioeconomic environment and insurance marketplace conditions have posed significant challenges. However, risk exists, even in times of economic prosperity. For any business and person, the ability to pivot and manage risk in the present and as it evolves is crucial for long-term profitability, stability, and success.
Contact a BKS Partners Risk Advisor to ensure your coverage is protecting your lifestyle.
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.