What to watch in the 2023 commercial P&C market

: Increasingly impactful weather losses, as well as things like continuing supply chain issues and a larger focus on ESG risks, will affect how the insurance market is forced to shift in the coming year. (Credit: Shutterstock)

Insurers are expected to pay out billions of dollars in losses from severe weather events that struck the U.S. in 2022. Hurricane Ian, which made landfall in Florida in September, caused an estimated $65 billion in losses alone, making it the second-largest insured loss recorded, behind Hurricane Katrina. These increasingly impactful weather losses, as well as things like continuing supply chain issues and a larger focus on ESG risks, will affect how the insurance market is forced to shift in the coming year.

Recently, insurance brokerage and consulting firm USI released its 2023 Commercial P&C Market Outlook, which outlines trends and challenges commercial P&C insurers should keep an eye on.