Insurance renewal season is right around the corner, and we’re seeing a positive outlook for property and casualty insurance trends. We’re seeing a softening in the market; carriers are in growth mode. Since there hasn’t been a large amount of catastrophic losses this year, insurance carriers are profitable and their risk appetite is broadening. This is resulting in a more competitive marketplace. If your business has favorable loss experience and modest growth in the exposure basis, you should see rates flatten or even decrease over the next several months.
Enhancing your Existing Insurance Programs
Rather than let your broker roll over your existing insurance program, now is the time to look at what you have in place and ways you can enhance it. Unlike three or four years ago, there may be insurance options that weren’t previously available.
With Hurricane Sandy behind us, carriers are no longer as restrictive on coverages such as Service Interruption for Overhead Transmission Lines or retentions and limits on catastrophic losses. Excess/Umbrella pricing continues to get more competitive, and more carriers are eager to write Cyber Liability policies.
Now is the time to be proactive about your insurance program. But if you’re unsure about the best way to negotiate better coverage, loop your insurance broker into the process. He or she will be your guide and help advocate on your behalf so you can secure the insurance coverage you need to make sure your plan is as comprehensible as possible heading into 2016.
Philadelphia, PA, 19102