In the ever-changing market landscape, new opportunities and challenges emerge each year, making it crucial for leaders to have the necessary tools to navigate uncharted territories. With this objective in mind, we crafted the 2024 Market Forecast to provide you with valuable insights.
This forecast is not a mere report; instead, it serves as a powerful tool in the hands of visionary leaders, enabling you to mold your organization’s future. Click here to access the full report, or read on for a brief overview of the trends we’re expecting in 2024.
COMMERCIAL INSURANCE TRENDS
Overall, the commercial insurance market in 2024 looks to be a mix of opportunity and challenge. Trends include:
- A boost in profitability for property and casualty carriers, signaling a positive turnaround for the industry.
- Inflation is making its presence felt, impacting premium rates, especially for property insurance.
- The demand for catastrophe reinsurance is predicted to surge, potentially growing by as much as 15%.
While we expect 2024 to be more stable than 2023, we encourage organization’s leaders and insurance buyers to remain vigilant, adapting their strategies to any evolving market dynamics.
EMPLOYEE BENEFITS TRENDS
In the employee benefits market for 2024, there are several emerging trends to note, including:
- Increased interest in wellness programs and a greater demand for flexible work arrangements.
- A projected median healthcare cost increase of 7% for 2024 for US corporate employers.
Organizations will need to strike a balance between containing costs and offering benefits that attract and retain talent.
PROVIDING SOLUTIONS
Navigating through uncertain markets can be a daunting task. Kapnick can help. By leveraging the power of collaboration and our extensive knowledge base, we help steer clients in new directions.
In the realm of commercial risk and employee benefits, one powerful solution that we’re exploring with clients is alternative funding. Alternative funding solutions can take a myriad of forms, each uniquely designed to help organizations navigate challenging markets. These might include:
- Captives
- Self insurance
- Parametrics insurance
- Risk purchasing groups or risk retention groups
- Retrospective plans
- Large deductible plans, including deductible buy-down programs
At Kapnick, we believe in transforming information into action. If you’re ready to embark on a journey towards growth, delve into the full 2024 Market Forecast. Together, let’s unearth the wealth of information it holds and use it to shape the future of your organization. After all, your growth is our ultimate goal.
Want more details about the market trends that will affect your organization in 2024? Click here to access the full report.
