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What is the “hard market”?

Yesterday I attended a carrier meeting and I wanted to let all our clients and blog followers in on a little change in the market. It’s getting hard. If you are a fan of the office, you just stated, “that’s what she….”, if you are not a fan of the TV show the office, disregard this sentence. The carrier, which held the meeting, is a large regional carrier that is representative of our insurance market in the Midwest. As they go, so do most other carriers. The story told was grim, last year they had a loss ratio of 125%, which basically means that for every dollar they took in for premium, $1.25 went out to pay claims. No matter your business model, this is not a good situation. The CEO stated that we are no looking at an average rate increase of 5% on some lines, 10% on other lines and 40% in some cases. If you can find another home for the business, he encouraged us to move it. Moving forward many insurance carriers are going to be looking more at profitability and less at growth. Look for major increase in the next 2 years in the homeowners market and starting next year, double-digit increase in your commercial or business insurance policies. Plan now for these increases for they will be coming! Our agency approach is to get much more aggressive shopping our clients accounts with our many carriers to make certain that we are providing market pricing. If your agent is NOT an independent or has limited markets, partner with an agency that has access to many carriers. Confused or Concerned….Call us!

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