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Insurance professionals have reported that one way in which many clients are tightening their belts in the face of rising inflation and costs is to cut insurance coverage or price shop for comparable coverage at a lower rate than they previously paid.
This can make any attempt by agents and brokers to convince insureds to bulk up on protection — against flooding, earthquakes or a cybersecurity breach, for instance — an even tougher sell.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
