Mountain Empire Agency Alliance (MEAA)’s Post

According to a recent report by S&P Global Market Intelligence, the E&S market now makes up 9.2% of U.S. total direct premiums written, up from 5.2% at the beginning of the market hardening in 2018. Almost all businesses face more complex and rapidly changing risks than a few years and the E&S market can help solve problems that come along with these risks.

In a world where certainty is a luxury, a robust platform for risk governance stands as the bedrock upon which commercial enterprises can navigate the tumultuous seas of market uncertainties and threats. In 2023, various forces shaped insurance and employee benefits markets in a state of transition, presenting both challenges and opportunities for insurance companies, businesses, and individuals alike. For the commercial risk and private risk space, some lines of insurance remained hardened, other lines saw significant rate moderation, and still others had ample capacity. With employee benefits, employers had to orchestrate a delicate balance between cost containment and robust benefits offerings. As a response to these varied conditions, companies and individuals sought ways to respond to the marketplace by transforming the vicissitudes of risk into beacons of opportunity. So, what is the insurance market signaling at the start of 2024? Please read this insightful report! State of the Market: A Look Ahead. https://lnkd.in/grxsvngh

Analysts predict strong financial results as premiums rise and investment returns soar. Key shifts in strategy & a focus on technology are set to drive performance. See which sectors have the brightest outlook and which are still facing a few challenges: https://innmb.com/3vTIBlD

WTW experts discuss insurance trends across a range of industries, markets and regions in our latest Global Marketplace Insights video https://lnkd.in/eBd4eE8A #InsuranceIndustry #WTWPerspective

In a recent report from BMO Capital Markets, analysts suggest that companies are coming to the realisation that more recent 2020-2023 vintages are also slightly under-reserved, similar to older 2019 and prior vintages.

Almost three quarters (72%) of business leaders believe that their businesses are not moving fast enough to address risks associated with global megatrends across trade, technology, weather and workforce, according to a recent survey by re/insurance broker, Aon.

I'm excited to share insights from our latest Lockton Market Update. As we navigate the current commercial insurance landscape, I've observed some interesting trends: The market remains largely favorable for buyers, thanks to strong investment income for insurers, economic growth, and a mild 2024 wind season so far. However, I'm noticing: 1. Social and economic inflation continue to put pressure on liability reserves and pricing. 2. There's an underlying sense of fragility in both the economy and the insurance marketplace. 3. Alternative risk strategies are gaining traction as organizations seek better cost and volatility management. For insurance buyers, I believe now is the time to: • Challenge existing assumptions • Reexamine limit adequacy • Capitalize on safety and risk mitigation investments In my experience, tailored analytics and creative program design are becoming essential in this dynamic environment. I encourage business leaders to read our full report to better understand these trends. Please reach out if you'd like to discuss how these insights might impact your risk management strategy.#InsuranceInsights #RiskManagement #LocktonUpdate

Are we at a Tipping point on Commercial Insurance ?   Despite continuing to face social inflation and climate change, commercial insurers are coming off one of the best earnings seasons in recent memory. Commercial buyers should expect more stability during their annual renewals and the market could be at a tipping point toward greater predictability. The challenge – and opportunity – for buyers is to think strategically by asking hard questions, including about why they are buying insurance and how much risk and volatility they are willing to keep on their balance sheets. Likewise, they should be more broadly scoping the markets to search for competitive advantage. Lockton can certainly help if you feel this is missing I your purchasing strategy.   Read more in Lockton’s recent market update. https://lnkd.in/gM6KgFGU

A constantly changing market presents compelling growth and transformation opportunities.

Decoding 2024's Economic Landscape New data reveals a transformative trend: advanced markets are set to contribute 50% of new insurance premiums over the next decade, a dramatic shift from pre-pandemic patterns. What's driving this change, and how will it reshape global insurance dynamics? Swipe through for a data-driven forecast that will inform your strategic planning for 2024 and beyond. Source: Insights based on Swiss Re Institute sigma report sigma 3/2024 #InsuranceIndustry #EconomicOutlook2024 #LifeInsurance #NonLifeInsurance #GlobalFinance #InsurTech #RiskManagement #EmergingMarkets #FinancialRegulation #InsuranceAnalytics #insurance