Thinking Risk

The challenging backdrop to the 2023 insurance market includes inflationary pressures, the looming threat of recession, continuing fallout from Russia’s invasion of Ukraine, and lingering COVID-19 concerns. Rising reinsurance rates are also contributing to market hardening while adding to primary insurer operating costs.

This article runs through how we anticipate these factors will affect pricing across some key commercial insurance classes.

A perfect storm of inflationary pressures in the construction industry mean that the majority of businesses’ property risks are currently underinsured. This can have disastrous consequences for any business suffering a major property damage claim, as their insurance will not fully cover the loss, threatening their ongoing viability.

Unscrupulous hackers use the “Season of Goodwill” to defraud and extort money from unwary shoppers.