
23 Jan State of the Insurance Market – Q3 2024
Staying informed about the latest trends and demands of the Commercial Business Insurance Industry is essential. Below is a summary of the Q3 market insights:
Commercial Property premiums are a continued challenge. Ensuring your business is adequately insured is key.
Premiums across various account sizes continued to trend upward, with an average increase of 5.1%, though this represents a smaller increase than in the previous quarter. Medium-sized account premiums saw the highest increase out of all of the account sized, with an average of 5.6%.
High demand for the following coverages:
Commercial Property: With a demand of 56%, Commercial Property Insurance is the highest in demand, increasing from 51% in Q2. This coverage is crucial for protecting your business against financial losses from damage or loss of physical assets. For more details on contributing factors, see additional information from Travelers here.
Cyber Insurance: Cyber Insurance is the second most in-demand commercial coverage, with an average of 48%. This coverage is vital as it covers expenses related to investigating and responding to cyber events, notifying affected parties, and restoring compromised data or systems. It may also cover legal costs and settlements associated with third-party liability claims.
Umbrella Insurance: With a demand of 35%, Umbrella Insurance is the third most in demand coverage. This coverage provides additional liability protection beyond the limits of your standard policies, covering a wide range of potential claims.
It’s no secret that navigating the insurance market has become increasingly challenging. Now more than ever, it’s crucial to understand the factors affecting your premiums. At Gilbert’s, we’re committed to ensuring every client has what they need to succeed, even when the conversations are tough.
To discuss your options or learn more, contact one of our talented Risk Advisors today!
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