Market Insights from Kapnick Insurance The business insurance marketplace in 2022 continues to face challenges, though there is good news on the horizon—the rate of increases has slowed across almost all lines and we hope to see rates softening as we move into 2023. The cause of the hard market that businesses continue to face is multi-faceted, including:
Market Insights from Kapnick Insurance The past few years have been challenging for both businesses and the insurance industry. The increased frequency and severity of claims, social inflation, the COVID-19 pandemic, medical inflation, trends in cybercrime, the cost of reinsurance, natural disasters and investment returns have all fundamentally reshaped the insurance market as we know it.
The business insurance marketplace in 2021 continues to be hard. Rates are increasing and capacity is decreasing. The cause of the hard market is multi-faceted, but follows a 10-year period of a soft market in which rates decreased and capacity in the marketplace was not an issue. Most believe COVID-19 is still impacting rates, including pricing,
A Letter from Jim Kapnick, CEO I began my introduction to last year’s market forecast with the note that 2019 was a year of both challenges and opportunities. Most would say 2020 was a year of straight challenges. In the US, social upheaval and an election cycle meant uncertainty and stress, while the lingering coronavirus pandemic brought considerable devastation