2021 U.S. Property Market Outlook
The rate increases and capacity restrictions that distinguished the U.S. property market throughout 2020 were a harbinger of things to come. Price increases on property insurance will accelerate in 2021 as we bid adieu to a year marked by a pandemic and its economic fallout, coupled with record-setting catastrophe losses.
What can independent agents and brokers do to navigate the property market for their clients?
Here is what is expected on the horizon for 2021:
- Every commercial property insurance buyer will feel the effect of a firming market
- Reinsurance will play a larger part in pricing terms than in the years past
- Rate increases in the high-single digits to 15% range on clean accounts, higher on accounts with losses
- Catastrophe deductibles converted from flat dollar amounts to percentages, and percentages increasing from 2% to as high as 5% in some areas
- Multiple insurers needed to assemble higher excess coverage limits
- New communicable disease and riot exclusions being introduced
- More restrictions on time element, ingress/egress business interruption (BI) cover
- Builders’ risk extensions moving into E&S market
- Enhanced scrutiny of hospitality industry accounts
View the 2020 U.S. Property Market Outlook
RPS Property Practice Group
We broker business to every viable property market and rank among the top five for production with the "key markets”, possess unparalleled expertise in establishing hard-to-place layered and shared property placements, and write in excess of $500 million in property premium volume annually.
When it comes to placing Property & Casualty coverage, RPS, a leading nationally focused wholesale insurance broker, knows the best markets and coverage terms to secure for your clients, reflected by the more than $2.9 billion of premium we place annually. We adhere to the highest professional and service standards, meeting the needs of our retail providers. Our goal is to continue to be “your wholesaler of choice.”
Property Product Lines
- All-Risks
- Florida Windstorm
- Coastal Properties
- California Earthquake
- Builders’ Risks (including Renovations)
- Deductible Buy-Backs and Wind + AOP
- Excess Property
- Flood Coverage (including A&V Zones)
- DIC
- Vacant Property
- Inland Marine
- Equipment Floaters
- Ocean Marine & Cargo
- Stand-alone
- Terrorism
- Auto Physical Damage
- Motor Truck Cargo
