State of the Insurance Market

State of the Insurance Market – Q3 2023

In the ever-evolving landscape of the Commercial Business Insurance Industry, there are some key take-a-ways to note about the current state of the market. Here is a short summary overview: 

Commercial Property rates are still a main concern. Ensuring your business is adequately insured is key. 

Overall, commercial property rates have increased to average around 17.1%. This increase is attributed to a variety of factors. The main factors being reported are from large natural catastrophe losses and inflation. 

With increasing claims from weather events and rising costs, it’s important for businesses to ensure their building value and other assets are accurate for insurance purposes. This will be essential in the event of a commercial property claim. 

Demand for the following coverages have increased: 

Cyber Insurance: The highest demand of current commercial insurance policies is Cyber Insurance which is around 57%. This coverage shows it’s importance by covering 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: The demand for Commercial Property from business owners is reported to be around 52%. Commercial property coverage plays a critical role is safeguarding your business against financial losses resulting from damaged or loss of physical assets. Travelers gives additional information on the contributing factors, here.  

Commercial Umbrella:   The third highest commercial insurance demand is the umbrella policy. With a demand of around 42% of business owners, this coverage is important as it provides additional protects and limits on current policies in place. It’s designed to help protect businesses from financial losses. 


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!



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