Insurance and reinsurance broker Lockton has released a report suggesting the property sector is casting a major shadow over the market, despite conditions in other lines remaining largely predictable.
In its report, Lockton explains that the P&C insurance market was previously on a path toward stabilisation before the event of Hurricane Ian, which ravaged Florida and other parts of the Southeastern US.
Hurricane Ian will ultimately cost the insurance industry an estimated $50-$65 billion, making it one of the largest disasters in US history.
