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Explore the developments 2024 is expected to bring to the P&C insurance industry, including details on the latest insurtech trends as well as insights specifically relevant to clients in specialized fields such as winemaking and aviation.

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European vineyards were heavily impacted by the weather. In Central and Southern Italy, heavy rainfall helped mold spread throughout vineyards. On the opposite end of the spectrum, severe drought and soaring temperatures blighted vineyards in Spain. Credit: Quality Stock Arts/Adobe Stock European vineyards were heavily impacted by the weather. In Central and Southern Italy, heavy rainfall helped mold spread throughout vineyards. On the opposite end of the spectrum, severe drought and soaring temperatures blighted vineyards in Spain. Credit: Quality Stock Arts/Adobe Stock

In 2023, the hard market, supply chain shortages and inflation continued to serve as hindrances to our policyholders wine and alcoholic beverage space. Challenges both new and old offered up a variety of risk exposures for agents and brokers to bring to the attention of their winery clients.

Wildfires, heavy rainfall, convective storms, riots and civil commotion, capacity challenges and increasingly unfriendly jury verdicts placed significant pressure on insurers in the winery space. While these risks and economic concerns made for a difficult year, they also present a critical opportunity for growth for the knowledgeable agent and broker who is engaging clients on the state of the market in 2024, as well as the carriers and program managers involved in the process.

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