[gallery size="full" ids="242224,242223,242222,242221,242220,242219,242218,242217,242216,242215"]
Despite making progress in bouncing back from the COVID-19 pandemic, rising costs driven by higher interest rates, inflation, supply chain issues and major natural catastrophes made for a rough 2022 for the U.S. property and casualty insurance industry. According to the National Association of Insurance Commissioners (NAIC), higher earned premium was not enough to combat higher losses for U.S. insurers, which resulted in the steepest underwriting loss since 2011.
However, analysis from IRMI shows 2022 market conditions were favorable for insurance brokers globally, as customers began to see these insurance professionals in a more advisory light. The shift from brokerages being seen as transactional entities has been influenced by changes in the market which have driven customers to seek out expert insight on coverage options and market trends.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
