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Insurance Market Conditions

August 11, 2023

It is our shared goal at Robertson Ryan Insurance to keep you up-to-date on the current state of the insurance market and how this may impact your coverages or rates for upcoming renewals.

We’re currently experiencing what is referred to as a “hard insurance market”, which means premiums are on the rise, coverage terms are being restricted, capacity for most types of insurance is decreasing, and fewer carriers are competing for your business.

Premium increases for property is a combination of rate, caused by higher-than-normal CAT losses and higher reinsurance costs, and multiple years of higher-than-normal inflation, increasing the replacement value of property.

In auto, increasing premiums are the result of inflation, resulting in higher repair costs and the sophistication of autos resulting in safer autos for passengers, but costly repairs even when the accident is minor.

Globally many insurance companies are forced to increase rates, cut back on coverages and in some cases pull out of states where high, catastrophic claims are more frequent. This “hardened insurance market” can vary in length and severity, depending on prevailing economic challenges and inflation.

We want you to know that we, as your trusted insurance advisors, are monitoring these industry challenges and are proactively searching for solutions to mitigate the effect on your coverages.

It is also important to remember that premiums are not just tied to your specific coverage, but to the overall insurance marketplace.

Here are some additional insights:

  1. Review and Update: It’s essential that we review your current insurance portfolio to ensure that your coverage adequately protects your assets and liabilities. We want to make sure that you’re not underinsured, especially during times of increased risk. Continue to communicate with our team as things change on your end.
  2. Carrier Relationships: One of the key advantages in working with a large, Top 100 Insurance Agency, is having access to many insurance companies and the solid relationships we’ve built over our 60+ years in business. This positions us well to explore different options and find the best- coverage for your specific needs, even in a challenging market.
  3. Premium Optimization: While premium adjustments might be inevitable due to market conditions, we’ll strive to find you the most competitive rates available without compromising on the quality of coverage you receive.
  4. Risk Mitigation: Implementing risk management strategies can play a vital role in mitigating potential losses and, consequently, positively influencing your insurance rates. We can work together to identify areas where you can minimize risk exposure.
  5. Communication: We want to assure you that we’re committed to keeping the lines of communication open throughout this period. We’ll keep you updated on changes, trends, or developments that could impact your insurance strategy and invite you to reach out to us as well.

Please know that your satisfaction and peace-of-mind remain our top priorities. Our team is dedicated to working diligently on your behalf to navigate these market challenges and ensure that you continue to receive the level of service and protection you deserve.

If you have any questions about your current insurance coverage or the evolving market conditions, please don’t hesitate to reach out to your Robertson Ryan team. We’re here to support you every step of the way.