According to the Global Insurance Market Index releases by Marsh in August 2020, the second quarter saw U.S. property pricing premiums increase year over year by 22%. The U.S. is not alone in seeing these increases as the global property pricing change saw an increase of 19%.
Unfortunately, the outlook is pointing towards a continuation of premium increases in the property marketplace. These increases are resulting in an acceleration of clients looking for alternatives when it comes to their coverage. These alternatives include outside agencies, self-insurance captives, and captive pools, which could result in loss of business for your agency.
This is where a partnership with Halcyon Underwriters can benefit you. We have multiple carriers that can provide alternatives for your clients and help you retain your client.
Contact your Halcyon team to find out how we can help you. If you are not appointed with Halcyon Underwriters, see how you can get appointed at Halcyon Underwriters and click on “Get Appointed.”
Sources:
“Global Insurance Market Index – 2020 Q2” https://www.marsh.com/us/insights/research/global-insurance-market-index-q2-2020.html
This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.
