Wondering if premiums will increase or if changes to terms and conditions are coming? Curious about which lines of business may have limited markets or excess capacity? Here’s what clients can expect to see in the 2022 marketplace, all in an easy-to-read quick reference guide.

Clients who want to better manage the costs of their property programs often look to higher deductibles as an attractive option, but their lenders may not allow it. Higher deductibles can bring significant cost savings on property insurance programs, particularly for higher hazard risks or accounts with unfavorable loss histories. Taking higher deductibles provides access to more competitive markets and can lead to the most cost-effective property program. Clients willing to take a $100,000 deductible, for instance, will draw far more interest from more markets than those insisting on a $10,000 deductible.

A few weeks ago, the global economy appeared to be on track to prevail against lingering pandemic effects. However, Russia’s recent invasion of Ukraine and mounting sanctions against the country are pushing the needle back, creating new supply chain and logistical problems, especially when it comes to transporting goods near the war zone.

The deadly collapse of a 12-story beachfront condominium north of Miami Beach sent shockwaves through the Florida insurance market. One wing of the 40-year-old Champlain Towers in Surfside, Florida, crumpled to the ground suddenly on June 24, 2021, killing 98 people. Several carriers have exited the Florida property market as total settlements rise to more than $130 million, and others are pulling back on property and liability coverage. Faced with the potential for steep losses, insurers are raising rates and deductibles and becoming much more selective. In such a challenging market, it’s crucial to work with experienced, knowledgeable brokers who can provide guidance through a more complex, demanding placement process.

Flooding continues to be the most expensive and the most common natural disaster in the United States, resulting in billions in economic losses every year. According to the National Flood Insurance Program (NFIP), 90% percent of all U.S. natural disasters involve flooding.