2023 Private Risk State of the Market Mid-Year Report
The private client insurance market has long been characterized by its exclusivity and care for high-value coverage for valuable assets like homes, automobiles, art, collectibles, and more. However, in recent years, the private client insurance market has faced one of the tightest markets in history. Carriers’ risk appetites have changed, hardened their markets, and made it increasingly difficult for clients to find good coverage.
The Changing Insurance Market
The private client insurance market has changed significantly. Carriers are more cautious, more selective, and more focused on profitability. For example, the property market has been hit by increased losses from natural disasters, forcing carriers to re-evaluate their position in disaster-prone areas. These changes have led to a tightening of the market and an increase in premiums making it even harder for homeowners to access quality coverage.
The result is that more carriers are leaving disaster-prone areas, leaving homeowners unprotected from the destruction of natural disasters, fires, and other unforeseeable situations. It is essential to ensure that individuals have the correct coverage for their homes and assets.
Solutions for Private Risk Management
To navigate the current insurance market, private clients need to take a proactive approach to risk management. This means spending time understanding their needs, identifying potential risks, and developing risk mitigation strategies. Private clients should be prepared to take more responsibility for their coverage by:
- Reviewing policies regularly
- Understanding exclusions
- Ensuring adequate coverage
It is also helpful to work with a trusted insurance advisor who can offer guidance on risk management and insurance solutions. Finding the right insurance coverage can be a challenging and daunting task, which is why an experienced advisor can advise on policy terms, coverages, price, and any limitations.
Navigate Today’s Private Insurance Market with Confidence
The private client insurance market faces a challenging but ever-evolving landscape. Private clients must work with insurance providers who are familiar with the current market and understand the risks and coverage that are appropriate for their needs. By working with a knowledgeable advisor and taking a proactive approach to risk management, private clients can mitigate their risks and protect their assets in hard times.
Our full 2023 Private Risk State of the Market Report contains valuable insights and analysis of the current private client insurance market, highlighting the challenges and risks impacting individuals and the insurance industry, as well as strategies and solutions for mitigating risk and achieving personal and financial security. Check it out:
Have Questions? Connect with Burnham WGB Insurance Solutions
Let our Private Risk Advisors help you find beacons of opportunity during these challenging times. We’re happy to help answer any questions you may have about the current state of the market. Please feel free to contact us here.
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