Seeing opportunity in the hardening property insurance market

“We will look back on the great resignation of 2021, the inflation inflection of 2022 and the coming capital crunch of 2023 as the era when the future winners raced ahead of those who did not thrive on the incoming tide,” says Bill Martin, president and CEO of Plymouth Rock Home Assurance. (Credit: BillionPhotos.com/Adobe Stock)

The coming year is expected to see further hardening in the property insurance market. This will present insurance companies the opportunity to separate themselves from the competition during a period that could establish the future front-runners in the sector, according to Bill Martin, president and CEO of Plymouth Rock Home Assurance.

“The biggest insurers of the 20th century were strong because they capitalized and operated in a way that got them through the Great Depression and WWII. The biggest auto insurers of today seized the opportunity that the liability crisis of the 1980s presented to improve their business models,” Martin tells PropertyCasualty360.com. “We will look back on the great resignation of 2021, the inflation inflection of 2022 and the coming capital crunch of 2023 as the era when the future winners raced ahead of those who did not thrive on the incoming tide.”