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.