The IM Brief: The insurance market in 500 words or less
ANYBODY HOME?
The insurance marketplace for habitational risks just got a little bit smaller.
Commonwealth Insurance Company has indicated they are non-renewing all habitational business and will no longer entertain new submissions for this class (primary and excess).
WHAT DOES THIS MEAN FOR AGENTS AND BROKERS?
The Habitational space has already been subject to rate increases. Shrinking capacity on top of this signals tough placements ahead.
Agents and brokers should be sure to manage client expectations and get the word out early – before clients receive non-renewal notices from the carrier.
Allocating enough time to deal with difficult renewals and new placements will be critical, along with risk positioning. Highlighting your client’s strengths in a fluid marketplace is a key factor to successfully accessing available capacity.
Preferred Brokerage has significant experience with markets that are changing and we would be pleased to discuss upcoming market trends and their impact on your clients.
Preferred Underwriting, our program underwriting unit, offers programs for Real Estate and Hospitality risks.
Our Preferred team will be pleased to help you find appropriate capacity for your client. Contact us today to learn more.
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