image credit: Adobe Stock

Hard market condition impacting P&C books, reports Amwins

May 9, 2023

A new survey of property and casualty (P&C) brokers and agents has found that 97% of respondents feel that recent hard market conditions are impacting their books of business, while 95% say their clients risk being underinsured due to high inflation in 2022.

Amwins notes that insurers have become more price sensitive in recent months as the hardening market has combined with rising inflation, meaning many are turning to a wider range of carriers to minimize risk management.

Many factors continue to pose challenges to policyholders’ businesses, analsts report, but the top issues identified by respondents for 2022 included increased costs of materials/services, rising interest rates, and supply chain disruptions.

Read More on Reinsurance News