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Premiums On The Rise – Impacting Your Insurance Costs
With the uncertainty that the pandemic continues to cause for the economy, businesses are focused on expenses more closely than ever while trying to plan and budget for the future.
The trajectory of insurance rates is upward. Recent reports, including Willis Towers Watson’s 2021 Insurance Marketplace Realities Report, indicate that property, umbrella, cyber, and directors and officers (D&O) will be the most impacted. Properties with favorable characteristics and loss history are still projected to see 15%-25%, with umbrella increases starting at 30%. D&O is slated for double-digit increases along with the same for Cyber Liability.
Watch this video to take a look at the property and casualty insurance industry’s cycle and why businesses across all industries are experiencing reduced market availability and increased insurance costs.
Since you can’t control the market cycle, more importantly, the discussion will touch on the steps that your business can take to mitigate the impact of this challenging insurance market on your costs and the importance of collaboration with your insurance agent.