Like many other sectors of the economy, the commercial insurance industry is experiencing changes to both its market cycles and its operating procedures. In particular, 2020 brought an acceleration of a hardening insurance marketplace—one that is less friendly to insurance buyers—which is now nearly two years old. Capacity has left the market, reinsurance has become more expensive, underwriting has gotten stricter and, most importantly, premiums are on the rise for nearly every line of insurance.
In the opens in a new windowCrane Agency 2021 Q1 P&C Market Outlookopens PDF file , we discuss what is driving current trends and how to navigate them. We also provide a more in-depth look at the year ahead, including detailed information about what to expect by line of coverage in the opens in a new windowCrane Agency 2021 Property & Casualty Outlookopens PDF file .
In any economic climate, it is of the utmost importance to partner with an insurance broker who has the experience and resources to suggest ways to mitigate risk. Implementing effective long-term risk management strategies can help businesses become more desirable to insurance companies in a difficult market and sometimes even assist in negotiating better coverage terms and pricing. At Crane Agency, we understand our clients’ needs because our organization was built by business owners and families just like you. We can help you prepare for uncertainty by suggesting the types of insurance products and services to help support your commercial and personal needs. For more information, please contact your Crane Agency Broker, or call us today.