As property insurance prices continue to rise, the stock throughput segment presents opportunities for relief. While insurers limit or reduce capacity for property coverage, particularly in catastrophe-exposed areas, stock throughput offers more flexibility. That pliability is due in large part to a turnaround in the London market following a hard spell propelled by Lloyd’s Decile Ten profit remediation drive that saw some players exit. Now, insureds may be able to obtain coverage at better terms and prices for stock representing a substantial portion of their exposures. However, stock throughput remains a complex marketplace best navigated with the help of skilled and knowledgeable wholesale brokers.

The 2020 E. coli outbreak linked to romaine lettuce sickened more than 160 people, with more than half requiring hospitalization. Fifteen people developed hemolytic uremic syndrome (HUS), a form of kidney failure (source 1). This outbreak was preceded by a similar 2018 outbreak that affected 32 people across 11 states (source 2). Unfortunately, the FDA couldn’t track down the source of either outbreak.

On February 3, 2023, a train derailed in East Palestine, Ohio. Thirty-eight of the cars left the track, including 11 that were carrying hazardous materials. In the aftermath of the derailment, the EPA has declared that the water and air in East Palestine are safe, but questions remain about environmental liability.

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Ransomware garnered many of the cybercrime headlines in 2021 and 2022. Insurance carriers honed in on its devastating impacts, inspiring many insureds to put proper controls in place to help fend off such attacks. Research indicates that ransomware attacks have declined significantly over the past 12 months compared to 2021, and fewer companies are now paying ransoms. A 2022 survey of 300 U.S.-based information technology (IT) decision-makers regarding the impact of ransomware attacks on their organizations found that 25% of companies were victims of ransomware attacks over the past 12 months, a 61% decline from the previous 12-month period (source 3).

Two topics have been dominating the conversation across California’s trucking industry in recent months: California Air Resources Board (CARB) regulations and California Assembly Bill 5 (AB5). As these laws take effect, trucking company owners and drivers are working to understand the laws’ impact on daily operations and their insurance programs (source 2).

The cannabis industry continues to grow rapidly. Just two years ago, the global market was valued at nearly $18 billion dollars. Expected to expand at a compound annual growth rate of more than 25% over the next several years, the industry is expected to be worth a staggering $134.4 billion by 2030 (source 1). Although still federally illegal, the cannabis business is attracting entrepreneurs and investors across the U.S., fueled by state legalization measures, growing sales, and a need for tax revenue. While the cannabis industry seems to be shedding its taboo market status in some areas, many financial institutions, including insurance carriers, still remain hesitant to offer cannabis coverage, with the majority of professional, casualty, and property insurance business finding a home in the E&S marketplace (source 3). In 2023, the insurance market for cannabis organizations is continuing to evolve and present opportunities across all lines.

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.

More people are making claims on their homes in Florida than in any other state. Unfortunately, The Sunshine State leads not only in population growth but also in soaring homeowners insurance rates and claims litigation. Those trends have combined to create widespread turmoil in Florida’s property insurance market that the State is now seeking to quell with a reform package. On Dec. 14, 2022, Florida Governor Ron DeSantis signed property insurance reform bill Senate Bill 2-A into law. The new law seeks
to cut down on lawsuits while mandating that insurers process and pay claims faster, but property owners will also have to take a more active role. This means partnering with knowledgeable wholesale brokers able to provide guidance on how the reform law impacts property owners will be more important than ever.

When utilized appropriately telemedicine can enhance interactions among providers to improve patient care, support provider-to-provider training, expand service capacity, and enable physicians to manage patients with multiple chronic conditions from a distance by remotely monitoring patient health and activities (source 7). Telemedicine is not new, but with the emergence of COVID in 2020 the utilization of telemedicine exploded. The trend lines indicate that the use cases will continue to expand as will the patient base that has grown accustomed to the delivery model.

It comes as no surprise to employees or business owners that healthcare costs are on the rise. Many have felt the pinch of premium increases, higher deductibles, and soaring prescription drug prices. Unfortunately, those changes also serve to increase the total cost of Workers’ Compensation (WC) claims, making mitigating WC claim costs and controlling losses a primary concern for companies as claims get pricier and severity increases (source 2).

Not sure what to expect when it comes to premium or terms and conditions? Interested in which lines of business may be seeing limited capacity or markets? Learn what to expect in the 2023 marketplace with our annual easy-to-read quick reference guide.

A special purpose acquisition company, or SPAC, is a company without commercial operations formed solely to raise capital through an initial public offering (IPO) or to merge with or acquire an existing company. Sometimes called “blank check companies,” SPACs have been around for decades, but their popularity has skyrocketed in recent years. In 2020, 247 SPACs with $80 billion invested were created, and 2021 saw a record 613 SPAC IPOs. By comparison, 2019 saw only 59 SPACs hit the market. During the 2020-2021 SPAC boom, the business model attracted well-known names including Deutsche Bank, Goldman Sachs, and Credit Suisse as well as many retired or semi-retired senior executives (source 2). However, while SPACs are still happening, their popularity is likely cyclical, as evidenced by the wind-down of many SPACs at the end of 2022 (source 8). Whether a SPAC completes a deal or not, there are still risks to be carefully considered.

Cybercriminals are waging a constant virtual battle to steal or ransom money and valuable information. Now, insurers are worried about the growing threat that actual war may spill over into cyberspace due to the conflict in Ukraine and rising geopolitical tensions worldwide (source 1). To combat the potential for catastrophic losses arising from cyber war and terrorism, Lloyds and other major insurers are deploying exclusions starting in 2023 for state-sponsored and widespread attacks. These exclusions add more uncertainty for insureds even as cyber policies evolve to address the constantly changing threat landscape. It’s crucial for retail agents and insureds to understand how these new exclusions may affect their cyber coverage and exposures. A wholesale broker with deep expertise in cyber coverage and strong carrier relationships can help guide retailers and their clients through potentially confusing policy choices to build the optimal cyber program.