The cannabis industry continues to grow rapidly. Just two years ago, the global market was valued at nearly $18 billion dollars. Expected to expand at a compound annual growth rate of more than 25% over the next several years, the industry is expected to be worth a staggering $134.4 billion by 2030 (source 1). Although still federally illegal, the cannabis business is attracting entrepreneurs and investors across the U.S., fueled by state legalization measures, growing sales, and a need for tax revenue. While the cannabis industry seems to be shedding its taboo market status in some areas, many financial institutions, including insurance carriers, still remain hesitant to offer cannabis coverage, with the majority of professional, casualty, and property insurance business finding a home in the E&S marketplace (source 3). In 2023, the insurance market for cannabis organizations is continuing to evolve and present opportunities across all lines.

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.

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).

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).

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.