- Alpharetta, GA
The US property market finds itself in turbulent times, with a number of internal and external factors affecting market dynamics and adding to the pressures that all aspects of the insurance value chain are feeling. Chief among these pressures is a hardening market, in which increasing rates are seeing premiums rise north of 50% for customers in some sectors, creating problems for agents and insureds alike.
Wes Robinson, national property president at RPS, says that the recent reinsurance renewal period at the beginning of the year had a big impact on these rates at a time when direct insurers are already facing serious cost pressures.
Growing underwriting losses have also been exacerbated by the climate change that has led to an increase in the frequency and severity of catastrophes such as the California wildfires, flooding and even the giant freeze that hit Texas in 2021.
The 2023 US Property Market Outlook examines the current state of this sector and provides insights into how to help clients navigate this situation to ensure smooth renewals for the remainder of the year — and what to expect in 2023 and beyond.
Learn key insights from the 2023 US Property Market Outlook, including:
- Various challenges affecting the Property insurance market, including drastic rate increases, difficult reinsurance renewal period, growing underwriting losses and reduced capacity
- The effect of increased frequency and severity of catastrophic events, which led to a demand surge for materials and labor that has affected claims
- Considerations for agents as they prepare for upcoming renewals
View the full 2023 US Property Market Outlook to learn more.