Have you ever felt as if it would be a full-time job to keep up with all of the changes in the insurance market? That is because it is! The insurance market is everchanging.Liability policies and appetites of insurance carriers can change monthly and are driven by many factors;however,these changes are mostly driven by litigation within a particular industry as well as geography.For example,contractors in Wyoming might have the luxury of lower rates and broader insurance coverage;whereas,a contractor in New York has to fight rates and coverage every renewal.Risk appetite,insurance rates,coverage exclusions,and endorsements seem to change regularly,especially in the excess-and surplus-lines market,which is where you get your pollution insurance coverage.With all the changes,it can seem impossible to keep up and like your insurance coverage could slip through the cracks,leaving you vulnerable when you really need it.In this article,we will go through significant recent changes seen in the insurance industry and how they relate to your business and insurance,including what to expect with your insurance renewals and what to look out for with certain coverages.A recent report said that the insurance industry as a whole has been experiencing a downturn in losses.This includes all insurance sold in our economy: Homeowner's insurance,personal auto insurance,business auto insurance,commercial property insurance,and many more.It almost seems hard to believe given the increasing number of intense storms and catastrophic events such as wildfires and floods.When the insurance industry pays less out in claims,they require less funds coming in to offset those losses,resulting in lower premiums for insurance buyers.This is good news for all insurance consumers,both personal and commercial.
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