Commercial Lines

The excess and surplus insurance market is experiencing dynamic growth, creating major opportunities for insurtechs.

While embedded insurance may offer a quick solution, it lacks the personalized service and tailored coverage that independent agents can provide. 

Risk mitigation is no longer just a nice bonus but instead a critical aspect of a strong insurance application, and crucial to limiting premium increases.

However, vigilance is required because the speed and extent of the way the industry’s risk profile is changing is unprecedented in modern times.

Dr. Michel Léonard of the Insurance Information Institute discusses the current economic landscape and its impact on the insurance industry for the rest of 2024 and beyond. 

Most forecasts are for 20 to 25 named storms, 10 to 12 hurricanes and four to six major hurricanes--all well above recent averages.

Current insurance types don't protect small businesses from trolls abusing the Americans with Disabilities Act. A new endorsement could address the problem. 

Forecasts of a "well above-average" 2024 Atlantic are a timely warning for insurers and companies with portfolios and assets at risk.