Midsize companies are often targets due to having lower budgets for cybersecurity than their larger counterparts. This, coupled with fewer and outdated IT resources, makes the likelihood of a cyber attack higher.
“The real estate insurance market is going through significant changes,” says independent agent Stephen Turnbull. “Rising construction costs and inflation have made it more expensive to rebuild properties, leading to higher replacement cost values and increased premiums.”
As catastrophes, social inflation and other challenges force admitted carriers to become more risk-adverse, the excess & surplus market is anticipated to grow.
Independent insurance agents can leverage their carrier relationships to provide reliable and tailored coverage for marine clients.
The hard market is among the causes of the growth of the excess & surplus market, which had previously been considered a safety valve.
The coverage allows small business owners with multiple locations to easily secure coverage through a single policy.
Despite the softer market conditions, the marine insurance industry—marine cargo, inland marine, and marine hull and liability—continues to be impacted by evolving trends.
Coral reefs, mangroves, salt marshes and seagrass meadows can significantly reduce flood losses in coastal areas, according to a Swiss Re Institute analysis of data.
Key highlights include flexible policy options and a multitude of deductible and coverage options, many of which are unique to boaters.
As insurers increase their underwriting restrictions to limit storm exposures, risk mitigation is becoming more important than ever for commercial insureds.
