2023 State of the Insurance Market: Hospitality
Every year we take a close look at the insurance market and compile detailed State of the Market reports. Inside these reports, we discuss the challenges and trends impacting businesses, individuals, and the insurance industry. We also explore emerging trends and risks while highlighting strategies and solutions that can help you mitigate risk and achieve your goals. In addition to compiling full market reports, we also go into detail on how specific industries are impacted by changing market conditions. This year, one of the areas we focused on is the insurance market for the Hospitality industry.
The Hospitality Insurance Market Snapshot
Due to labor shortages, supply chain issues, and changing consumer demands, the hospitality industry is making a significant transformation in a highly disrupted market.
Private golf and country clubs are experiencing a new kind of buyer. As new wealth emerges and societal dynamics evolve, so do the expectations of these clients. In addition to the traditional offerings, prospective members now want health and wellness, pickleball, and café culture. Golf and country clubs are also shifting to appeal to various generations within the family unit by meeting the needs of the members’ children and grandchildren.
Inside our Hospitality industry market report, you will learn about:
- Key challenges the Hospitality industry faces
- What the primary insurance and reinsurance market looks like
- How the Hospitality industry can address these challenges
- Managing the overall cost of risk and insurance
- Strategies for finding a trusted advisor partner
This report can serve as a powerful resource for many types of hospitality companies, such as:
- Casinos and Gaming
- Country Clubs
- Event Venues
- Golf Courses
- Hotels & Resorts
- Restaurants & Bars
- Travel and Tour Operators
Trusted Insurance Advisors
Underwriting scrutiny is at an all-time high and insurers are providing less favorable terms for coverage. Now’s the time to work with a team of Commercial Risk advisors with a proven track record in the manufacturing industry. Contact Burnham WGB today to learn more about how we can help you assess your risks and protect your assets and investments.