You might not realize it, but times have been pretty good for insurance customers.
Although there have been some exceptions, for the most part, premiums have been steady or even reducing for years now. This may be about to change.
If these losses continue, rate increases will follow. Securing coverage may become more challenging. Essentially, we may be looking at a hard market.
 
What’s driving higher-than-expected losses?
With property insurance, natural disasters are mostly to blame. The A.M. Best report says that Hurricanes Harvey, Irma and Maria contributed to near-record high U.S. catastrophe losses in 2017, with net catastrophe losses of $53 billion. Then in late 2018, the U.S. was hit with Hurricane Michael as well as the California wildfires, resulting in net catastrophe losses of more than $37 billion.
 
How can you prepare for a hard market?
 
 
Have Questions ..Contact me!
 
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Brant Watson
Senior VP
D: 925.295.2506
C: 925.330.1151