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2023 Habitational State of the Market – Casualty

2023 Habitational State of the Market – Casualty

Persistent, significant losses are still driving up expenses and constraining capacity within the casualty market for habitational business. As insurers reduce coverage limits, increase deductibles, and impose stricter underwriting criteria, it becomes crucial to strategically promote comprehensive submissions in order to secure optimal coverage.

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2023 Habitational State of the Market – Property

2023 Habitational State of the Market – Property

In 2023, the habitational insurance marketplace presents many challenges for property placements. Years of low rates and low valuations, combined with the impact of catastrophe events has created a perfect storm for the hard market. Property owners, insurers, and brokers find themselves grappling with a new reality where traditional underwriting models must contend with the weight of severe and frequent claims as well as the persistent specter of climate-related perils. Navigating this marketplace demands a deliberate balance between creativity, sound risk assessment, and adaptability to secure coverage.

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New Florida Law Strengthens Apartment Safety Regulations

In 2021, 19-year-old Orlando student Miya Marcano was tragically killed in her apartment by a 27-year-old maintenance employee with access to her apartment complex’s master key fob. In response to this tragedy and a growing trend of violence, Florida Governor Ron DeSantis signed Senate Bill 898, known as “Miya’s Law,” at the end of June 2022. (sources 1, 2)

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2022 Excess Habitational State of the Market

2022 Excess Habitational State of the Market

The excess habitational market has been slowly hardening over the last several years, but it has accelerated over the last 2-3 years. Excess habitational premiums have been rising due to numerous factors including insurance carriers finding that they have been inadequately funded to cover the growing frequency and severity of claims in today’s litigious environment. There are now limited excess options within the first $10M, especially in the lead position. While some new capacity has started to filter into the marketplace over the last several months, few want to play in the lead $5M.

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Property Rates Rise as Carriers Retrench and Prepare for the Changing Market

Property Rates Rise as Carriers Retrench and Prepare for the Changing Market

The term catastrophe became a part of everyday life this year as the global coronavirus pandemic spread across the country. With spring also came the "normal" catastrophes, including a spate of deadly thunderstorms and tornados. This was followed by an early start to a hurricane season that kept setting records through the summer, and a disastrous wildfire season for which the full scope of damages will not be known for some time.

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Excess & Umbrella REDY® Index Q1 2024
Excess & Umbrella REDY® Index Q1 2024
FTC Rule Banning Noncompetes: What You Need to Know
FTC Rule Banning Noncompetes: What You Need to Know
2024 Excess Trucking State of the Market
2024 Excess Trucking State of the Market
Challenging Construction Projects Demand Insurance Specialist Expertise
Challenging Construction Projects Demand Insurance Specialist Expertise
Earthquake Market Stabilizes After Year of Volatility
Earthquake Market Stabilizes After Year of Volatility
Unique Labor Law Makes Insuring New York Construction Projects Challenging
Unique Labor Law Makes Insuring New York Construction Projects Challenging
Navigating the Minefield of Insuring Healthcare Staffing Agencies
Navigating the Minefield of Insuring Healthcare Staffing Agencies
Property REDY® Index Q1 2024
Property REDY® Index Q1 2024
Errors & Omissions REDY® Index Q1 2024
Errors & Omissions REDY® Index Q1 2024
Private D&O REDY® Index Q1 2024
Private D&O REDY® Index Q1 2024
Cyber REDY® Index Q1 2024
Cyber REDY® Index Q1 2024
Healthcare State of the Market at a Glance
Healthcare State of the Market at a Glance