Hylant release Q1 commercial insurance market snapshot
Hylant has issued its Q1 Commercial Insurance Market Update, which it said provides valuable insights into the current state of the commercial insurance market, including trends, challenges, and opportunities.
The hard market conditions for property insurance will continue in 2023 and possibly beyond, Hylant said, adding that insurers will continue to be rigorous in their underwriting and cautious when deploying capacity, looking for well-managed, quality risks.
In addition higher treaty costs, losses, and inflationary pressures are leading property carriers to push for double-digit rate increases.
Looking at employment practices liability, Hylant said that market conditions are expected to be stable entering into 2023, but that headwinds that include nuclear verdicts, increased Covid-related litigation and other issues will likely hinder continued softening. The overall market rate outlook is -5% to +10%, Hylant said, depending on business class and loss history. Higher retentions can be expected for problem states.
Hylant’s report also looks at cyber. It said that as the cyber market matures and comes up on a year of significantly increased rates and retentions, prices are levelling off.
To see a copy of the report contact Hylant.