A “Hard” Insurance Market in 2024 (2024)

As we venture into the new year, it’s evident the challenges posed by the Hard Insurance Market trend of 2023 are persisting in 2024. This market scenario, characterized by higher premiums, stricter underwriting standards, and reduced coverage availability, is a result of increased catastrophic events, regulatory changes, underwriting flaws, and a surge in claims.

“A hard insurance market is characterized by higher premiums, stricter underwriting standards, and reduced availability of coverage.”

Here’s a snapshot of what to expect in 2024:

Rising Insurance Premiums: The trend of escalating insurance premiums has been ongoing since 2018. To proactively manage costs, consider the following steps:

• Ask about potential discounts you may qualify for.
• Explore bundling your insurance policies for potential savings.
• Take note of your policy renewal dates and initiate a discussion with us 30 days in advance to assess and understand any changes in your premium.

Reduced Coverage: As insurers tighten their belts in response to market challenges, there may be a reduction in coverage options. We understand the importance of securing comprehensive coverage and are here to guide you through this landscape.

Stricter Underwriting Guidelines: Expect more rigorous underwriting standards. Our team is well-versed in navigating these guidelines and can help tailor solutions to your specific needs.

Impact on the Economy: The broader economic implications of these market shifts are undeniable. It is essential to stay informed and make informed decisions regarding your insurance portfolio.

As independent agents, we are committed to assisting you in maneuvering through these challenges. We serve as your advocates and are dedicated to finding solutions that provide stability in these uncertain times. We understand that rising insurance premiums can be stressful, and we invite you to contact us for a thorough review of your insurance portfolio.

Don’t hesitate to reach out at 509.928.7528 or visit our website aagi.us to learn more about how we can support you.

Thank you for entrusting us with your insurance needs