19 Jun State of the Insurance Market – Q1 2024
Staying informed about the latest trends and demands of the Commercial Business Insurance Industry is essential. Below is a summary of the Q1 market insights:
Commercial Property premiums are a continued challenge. Ensuring your business is adequately insured is key.
Premiums across various account sizes continued trending upwards, with an average increase of 7.7%, 0.7% higher than in the previous quarter. Small and large accounts experienced increases of 7.3%, and medium-sized accounts had the largest increase, reaching 8.5%.
Demand for the following coverages have increased:
Cyber Insurance: The coverage that has the highest reported demand for commercial insurance policies is Cyber Insurance, with a demand of around 53%. This coverage demonstrates its importance by encompassing expenses related to investigating and responding to a cyber event, notifying affected parties, and restoring compromised data or systems. Additionally, it may cover legal costs and settlements associated with third-party liability claims.
Commercial Property: Sharing the highest demand with Cyber Insurance, Commercial Property Insurance has a demand of 53%. This coverage plays a critical role in safeguarding your business against financial losses resulting from damage or loss of physical assets. Travelers provides additional information on the contributing factors, here.
Construction Risks: The third highest commercial insurance demand is for construction risks, with a coverage demand of 32%. This coverage continues to indicate significant interest. Coverage for construction risks is important as it provides a specialized protection for buildings under construction.
Commercial Auto: The demand for Commercial Auto from business owners is at 30%, making it the fourth highest in coverage demand. Commercial Auto is essential as it protects employees driving for work-related purposes, such as transportation and delivery jobs.
It’s no secret that the state of the insurance market has been difficult to maneuver in recent times. It’s more important than ever to be aware of the factors contributing to your premiums. Our team at Gilbert’s is committed to ensuring every client has what they need for their business to be successful, not matter how difficult the conversation may be.
To discuss your options or learn more, contact one of our talented Risk Advisors today!
No Comments