Between economic and talent challenges, increasing compliance obligations, and more, 2023 is set to be another interesting year for the insurance industry. Let’s explore the top trends affecting the space today and examine the impact they’ll have on retailers.
The excess and surplus lines insurance market has long been a source of solutions for companies with emerging and difficult-to-place risks. The steady growth in E&S premium volume over the past two decades have made non-admitted business attractive for agencies and brokerage firms.
' When analyzing the research from two lenses—trends in small commercial and mid/large commercial— we uncovered several major themes that define how commercial lines insurers are approaching strategic initiatives today.
It’s easy to get caught up in the hype and promise of new technologies. But as insurance professionals, we must remember that AI is one tool of many at our disposal. We need to combine our understanding of its benefits with a healthy respect for the potential for
Macroeconomic conditions are challenging for insurance companies in general, but they offer some opportunities for surplus lines companies. With inflation at a 40-year high, insurance rates are likely to remain high, driving more risks to the surplus lines market.
Most insurance professionals understand that failing to meet their compliance obligations can result in censure by regulation authorities. Often, however, they underestimate the real harm such penalties can do
Mergers and acquisitions have reached record heights for brokers in recent years. At the same time, rate increases and tightening in the admitted insurance market are causing more business to flow into excess and surplus (E&S) lines.
' The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Although it may not be accurate to classify our current era as post-pandemic, insurers have adjusted their plans to match the needs of society today.
One of the great things about a career in our industry is the ability to pursue it anywhere, especially these days with more companies adopting remote-working strategies. Simply notify state regulators of a new home or business address within the mandated time frame. If a move takes a
To achieve long-term growth, a carrier sought to expand into new lines of business and diversify geographically with new products & channels. Throughout this journey, the client needed to maintain a strong balance sheet while delivering a superior customer experience.
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