The insurance market brief series from M&T Insurance Agency is aimed at supporting you and your business by providing perspective on insurance market trends in terms of Property, Casualty, and Specialty Insurance lines.
2021 was an interesting year for the market. Some key insights in our latest market brief include:
- Premiums increased for the 16th consecutive quarter in Q3 2021, with respondents reporting an average premium increase across all account sizes of 8.9%.
- Cyber once again had a record increase in Q3 2021, the highest premium increase out of all other lines. Respondents said premiums for that line increased by an average of 27.6%.
- Respondents increased claims activity in virtually all lines of coverage. In particular, Commercial Property and Commercial Auto lines saw significant increases.
- Respondents agreed that the prevalence of cyberattacks, specifically ransomware, phishing, and social engineering attacks, was one of the primary drivers of Cyber premium increases.
- Staying abreast of these threats remains challenging. Did you know we offer a complimentary cyber risk assessment? Schedule yours today.
For more information or to speak with an insurance specialist, call 1-800-716-8314.
Unless otherwise noted, the information shown here was prepared based on the opinions of M&T Insurance professionals. These are projections only. Your premium is subject to the rates provided by your carrier(s).
This presentation is for educational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. This presentation is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. If professional advice is needed, the services of a professional advisor should be sought. There is no assurance that any strategy will be successful.
Insurance Products are NOT Deposits; NOT FDIC Insured; NOT insured by nor an obligation of Any Federal Government Agency; NOT Guaranteed or Underwritten by the Bank; Not a Condition to the Provision or Terms of any Banking Service or Activity; and May Go Down in Value.
Insurance products are offered by M&T Insurance Agency, Inc., not by M&T Bank. Insurance policies are obligations of the insurers that issue the policies. M&T Insurance Agency, Inc. is a subsidiary of M&T Bank.
©2022 M&T Bank and its affiliates and subsidiaries. All rights reserved.