March 21, 2019
Insurance rates are expected to increase slightly in 2019 as insurers cover losses from high property claims and liability losses. Businesses with extensive property or liability exposures could see double-digit rate increases and more limited policy language for certain lines of coverage.
Despite growing liability risks and large property losses from natural disasters, there’s still extensive competition between carriers for most types of coverage which offers advantages to businesses and will keep the market competitive. Here are some of the positive trends to expect in 2019:
Workers’ Compensation – Many states announced lower workers’ comp rates for 2019, and carriers will continue to compete for business due to declines in loss rates and lost-time claims.
Risk management plans – While businesses usually don’t want underwriters to look too closely into their operations, greater scrutiny may allow organizations to lower their rates if they address unique risk exposures.
More options – A rising number of coverage options may offset hard policies. Some policies like cyber insurance may be offered in bundles, as part of other types of coverage or as a stand-alone.