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.
Our industry specialists have worked together to create a broad strokes view of the marketplace alongside The Bonadio Group via the 2022 New York Contractors State of the Industry Study.
Some key insights from the research included:
- While a 7.5% jump in 4Q2021 is still lower than the 9.6% increase seen as recently 1Q2021, the newest data suggests a possible re-hardening of the property market after months of slowing rate hikes. Clearly, the market remains very challenging for buyers with exposure to storms, wildfires, and other catastrophe risks.
- From Bonadio’s insights, an additional cost saving method for companies can come from obtaining the proper workers compensation coverage plan. From captives and other avenues, there are different methods to insure workers with varying levels of risk vs. rewards.
- Cyber Liability premium increases ballooned, with an average rate jump of 80%. With further Covid-19 spikes occurring in late 2021, losses were driven by bad actors preying on vulnerable organizations and employees accidentally exposing corporate data. Staying abreast of these threats remains challenging. Did you know we offer a complimentary cyber risk assessment? Schedule yours today.
- Catastrophe losses from global natural disasters totaled $130 billion in 2021 with the United States accounting for over 70% per Business Insurance.
We will continue to monitor all these developments and their impact on the insurance market. To register for our live Thursday, June 23rd webinar at 1 PM EST email the author of this research, Tom Delark at firstname.lastname@example.org. During the webinar, The Bonadio Group, Jamie Cutler, and I will walk you through these insights and what they mean for your business
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.
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