With a possible recession on the horizon, carriers must game plan how to balance price point and loss costs. This will require becoming more agile and adapting to rapid change in the sector. (greenbutterfly/Adobe Stock) With a possible recession on the horizon, carriers must game plan how to balance price point and loss costs. This will require becoming more agile and adapting to rapid change in the sector. (greenbutterfly/Adobe Stock)

With inflation skyrocketing, loss costs and premiums are going through the roof. Many policyholders worry about their ability to obtain coverage at a reasonable price, if at all.

A survey conducted by the Private Risk Management Association recently found that 78% of risk managers saw their high-net-worth clients’ main concern as their ability to obtain reasonably priced premiums, with 60% concerned about getting any insurance at all. High-net-worth policyholders along with large and specialized commercial industries are more likely to require niche insurance for their more complex property portfolios, and it is these more specialized offerings that are squeezed out first. More generally, 54% of Americans say they cannot afford disaster debt because of premiums increasing.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.