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2023 State of the Market at a Glance | Casualty, Construction, ExecPro, Healthcare, Personal Lines, & Property

2023 State of the Market at a Glance | Casualty, Construction, ExecPro, Healthcare, Personal Lines, & Property

Not sure what to expect when it comes to premium or terms and conditions? Interested in which lines of business may be seeing limited capacity or markets? Learn what to expect in the 2023 marketplace with our annual easy-to-read quick reference guide.

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Primary Trucking Insurance State of the Market

Primary Trucking Insurance State of the Market

The trucking industry continues to bounce back from the 2020 pandemic, but the recovery hasn’t been all smooth sailing. According to the American Transportation Research Institute’s (ATRI) 2022 survey, 2021 was the costliest year on record for the trucking industry, and the trend was expected to continue with 2022 (source 1).

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Why Every Restaurant Needs Foodborne Illness Insurance

Why Every Restaurant Needs Foodborne Illness Insurance

In September 2022, 97 people across six Midwestern states became infected with E. coli. More than 40 were hospitalized and 10 were diagnosed with a serious kidney condition. What did they all have in common? They had all eaten at the same popular fast-food chain restaurant at some point during the previous two weeks (source 1).

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Florida Residential Subcontractors Have Fewer Market Options

Florida Residential Subcontractors Have Fewer Market Options

The insurance market can be a tough place for Florida’s residential subcontractors working on new construction. While there are still sufficient standard markets on the commercial side for small subcontractors, those working on new residential construction such as condos, tract homes, and townhomes are finding it’s more difficult to obtain coverage. This makes it challenging to meet the insurance requirements often set by general contractors or lenders.

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Hyperinflation is Hitting the Construction Industry Hard

Hyperinflation is Hitting the Construction Industry Hard

Hyperinflation of material, labor, and equipment costs is having widespread ramifications for the construction industry, including project funding issues, cancellation of contracts, and contractor defaults. Despite the flurry of current construction happening around the country due to infrastructure investments and the demand for new housing, it’s a challenging time, especially for smaller trade contractors. In 2021, the annual construction input inflation rate reached a shocking 19.6%. For the sake of perspective, the non-residential construction inflation rate was 4.4% in 2020 and 1.8% in 2019. The vast majority of contractors in today’s industry haven't had to navigate an inflationary environment that exceeded 5% for more than 30 years, which means many have never experienced hyperinflation and are struggling with how to handle it as well as the negative impact it can have on the bottom line (source 4).

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2023 State of the Market at a Glance | Casualty, Construction, ExecPro, Healthcare, Personal Lines, & Property
2023 State of the Market at a Glance | Casualty, Construction, ExecPro, Healthcare, Personal Lines, & Property
Many SPACs Wind Down While Litigation May Loom for Others
Many SPACs Wind Down While Litigation May Loom for Others
New War & Terrorism Exclusions Complicate Cyber Market
New War & Terrorism Exclusions Complicate Cyber Market
Medical Malpractice Claims Trends
Medical Malpractice Claims Trends
Primary Trucking Insurance State of the Market
Primary Trucking Insurance State of the Market
Property REDY® Index January 2023
Property REDY® Index January 2023
Excess & Umbrella REDY® Index January 2023
Excess & Umbrella REDY® Index January 2023
Private D&O REDY® Index January 2023
Private D&O REDY® Index January 2023
Cyber REDY® Index January 2023
Cyber REDY® Index January 2023
Why Every Restaurant Needs Foodborne Illness Insurance
Why Every Restaurant Needs Foodborne Illness Insurance
VPN & MFA: Why Cyber Insurance Applicants Need Both
VPN & MFA: Why Cyber Insurance Applicants Need Both
OPPI: Professional Liability Designed for Project Owners
OPPI: Professional Liability Designed for Project Owners