The commercial property insurance market has been feeling the effects of unfavorable economic conditions in recent years. This is now being turned around and orders of new construction are forging ahead.
Ensure your strategy is robust against the key issues facing the commercial property insurance market.
Gage the market's profitability, the factors that influenced its performance, and how insurers are adapting to this.
Map your business plan against our forecasted GWP for the market.
Analyze the key issues that will continue to affect the market going forward.
How did the commercial property insurance market grow in 2013, and how is it expected to fare in the years leading up to 2018?
How did the market perform in terms of profitability in 2013, and what were the main factors affecting claims inflation?
What are the key issues that will shape the market in 2014 and beyond?
2013 was a good year in terms of claims, despite the storms. Although the volume and cost of claims increased at the end of 2013 and the beginning of 2014, the benign weather during either side of this period has left insurers reporting no material effect on pricing.
The strain on the commercial property insurance market's COR has been felt for some years now and shows no signs of abating. Insurers are struggling to reduce their loss ratios due to the pressure to reduce premiums at renewal and to ensure very competitive premiums.