2022 Summer Insurance Market Brief

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:​

  1. 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. ​
  2. 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.​
  3. 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.
  4. 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 tdelark@mtb.com. 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.

Download PPT Here >

 

Disclosures

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.

Awesome!

Share this page

If you are interested in sending this page to a friend or relative, please enter the following:

* Indicates required fields
+ Add another

No personal information (including e-mail addresses) about you or your friend will be collected from this e-mail notification feature offered by M&T Bank.

Please Note:

By clicking "ok" below, you will leave mtb.com and enter a Third-Party Website.


Tenga en cuenta que:

Al hacer clic en “Aceptar”, abandonará mtb.com e ingresará en el sitio web de un tercero.

Please note that:

  • The Third-Party Website is governed by a different set of terms and conditions and privacy policy than mtb.com and you should review those terms, conditions and privacy policy prior to reviewing the content of the Third-Party Website
  • M&T is providing a link to the Third-Party Website as a convenience and does not necessarily control the content of, or endorse, the Third-Party Website, it's owner/operator or any information, products or services that are made available on or through it
  • M&T makes no representations or warranties regarding the information, products or services provided through the Third-Party Website

Such Third-Party Website's owner/operator may be regulated by governmental entities and laws that are different than those that regulate M&T.


Tenga en cuenta que:

  • El sitio web de un tercero está regido por un conjunto de términos y condiciones y una política de privacidad diferentes que mtb.com, por lo tanto, deberá revisar esos términos y condiciones y la política de privacidad antes de evaluar el contenido del sitio web de un tercero
  • M&T le proporciona un enlace al sitio web de un tercero para su comodidad y no necesariamente tiene control sobre el contenido, o se adhiere, al sitio web del tercero, su propietario/operador o ni a ninguna parte de la información, producto o servicio que se ofrezca a través de él
  • M&T no ofrece declaraciones ni garantías respecto de la información, productos o servicios prestados a través del sitio web de un tercero

El propietario/operador de ese sitio web de un tercero podría estar regulado por entidades gubernamentales o leyes que son diferentes a aquellos por los que está regulado M&T.