• 2023 marks the 3rd consecutive year with $100B+ Catastrophic Losses
• 2023 has eclipsed $100B in global catastrophe losses for the 9th time since 2000

Modeling Catastrophic Losses is difficult. As new patterns emerge, insurance companies are pricing property risks conservatively.

• Building & construction materials prices are increasing in the range of 4% to 11%, year over year
• Used vehicles prices, collision repair parts and chips are driving much in the increase in auto insurance

The cumulative effect of inflation, including labor costs, is driving claim costs up for insurance companies.  Insurance rates are being increased to keep up with this inflationary trend. 

• Reinsurance premiums for insurance carriers are rising significantly
• Loss retention levels have in many cases doubled or tripled

These higher premiums and higher retention levels mean more insurance company capital is at risk. These increasing costs are being passed through to businesses and consumers. 

• Our independent model means we make our own decisions, and are accountable to our clients
• We are client focused, not shareholder focused and invest in our business for the long term

As a third-generation family owned, Business Insurance Top 100 agency you can count on our stability during times of uncertainty.  Our client value approach stands out amongst our peers.

• Our team of  over 20 Professional Services employees support our client focused approach
• Professional services designed to improve your risk program and manage your total cost of risk

Industry professionals with technical expertise in claims management, loss prevention strategies, data and analytics and account management services set us apart from our competitors.

• Executive Level Relationships with insurance companies that specialize in your industry
• Local Execution, with global capabilities through our ownership stake in Assurex Global

Scale, buying power and relationships matter in our business.  Our size and operating model is attractive to insurance companies. We take growth and profitability seriously, and our insurance company partners work with us daily to protect all of our clients in today’s uncertain world.

• Plaintiff attorney advertising and solicitation annually exceeds over $1.0B
• Third party litigation funding, driven by private equity is contributing to increased litigation costs

Sometimes referred to as “social inflation”  - where societal and legal trends are driving more and larger lawsuits creating great concern for companies of all sizes, in all industries.

• Insurance companies being very selective on accounts they are taking on as policyholders
• Restricting the amount of insurance they will write in lines like property, umbrella and cyber insurance 

As companies become more selective and less willing to deploy higher limits of insurance, these actions remove capacity from the marketplace, resulting in higher premiums due to less competition.

• A ransomware attack occurs every 11 seconds
• 95% of cyber breaches are caused by human error 

Hackers have become more sophisticated, and the risk of a data breach or ransomware attack is higher than ever.  This increased frequency of cyber events, and their increasing costs are requiring cyber insurance carriers to increase premiums significantly.