QUARTERLY INSIGHT FOR BROKERS AND AGENTS
2024
SPRING
THE NEWS YOU NEED
Builders, homeowners strained as construction costs continue to rise
Homeowners could be surprised by how much it would cost to repair or rebuild their home in the event of a loss. A recent survey found 56% of homeowners had not reviewed their Homeowners Insurance in the past year.
“Due
to the increased costs, every claim is a little bit bigger — even for a small loss. If you do not have insurance, that is a big hit on you to pay out individually or as a company.”
— Andrew Chen, Senior Broker, Commercial Insurance, Burns & Wilcox, San Francisco, California
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Engineer under fire after building collapses during construction work
The engineer allegedly responsible for a partial building collapse in the Bronx in December has had their license suspended by the city of New York for two years and faces a $10,000 fine, according to reports. No one was injured, but dozens of families lost their homes after the collapse of the seven-story apartment building, part of which was under construction at the time.
“The ramifications if you do not have the right insurance in place can be pretty catastrophic, not only for your own business but for other individuals.”
— Paul Schlieper, Broker, Professional Liability, Burns & Wilcox, Pittsburgh, Pennsylvania
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U.S. Consumers spending billions on jewelry gifts
This past Valentine’s Day alone, U.S. retailers were estimating that shoppers would spend a record-breaking $6.4 billion on Valentine’s Day jewelry purchases, according to a recent survey from the National Retail Federation. Trends also show that luxury gifting has been increasing, as well.
“Coverage for mysterious disappearance, for example, is often critical for jewelry. That is probably the biggest cause of loss for a lot of individuals...”
— Rachel Hillis, Senior Underwriter, Private Client, Burns & Wilcox, Farmington Hills, Michigan READ MORE
MARKET OVERVIEW
Telehealth reshaping the Healthcare Insurance industry
The practice of telemedicine dates back over a century and has come a long way since. In 2023, the telehealth industry market value was estimated at $194 billion and is projected to rise to nearly $870 billion by 2030.
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Contributors:
Karl Olson
Vice President, Broker
Professional and Management Liability
Burns & Wilcox Brokerage
San Francisco, California
Evan Miller
Broker
Professional Liabilty
Burns & Wilcox
Chicago, Illinois
Powerful partnership to meet your needs
Celebrating 55 years of consecutive growth
H.W. Kaufman Group has steadily grown to more than $3.6 billion in annual revenue through a series of strategic acquisitions, technological advancements and organic growth.
TOTAL SALES: $3.6B PERCENTAGE INCREASE: 12.5% ADDED EXPERTS: 350+
BY THE NUMBERS
We remain committed to doubling the size of Burns & Wilcox by 2028 via organic growth and by acquisition.
Among the many highlights from 2023:
READ MORE IN THE 2023 ANNUAL REPORT HERE
TOTAL GROWTH 0VER 2022 COMMERCIAL INSURANCE PERSONAL INSURANCE PROFESSIONAL LIABILITY
When there is a mistake or an accident, it opens a crack in the door to be exploited. ... The greatest risk comes down to the legal environment in our society.
— Jordan Muckway Manager, Commercial Insurance, Burns & Wilcox, Dallas/Ft. Worth, TX
What are some of the greatest risks related to commercial casualty? READ MORE HERE ASK ME A QUESTION
COMMERCIAL CASUALTY INSURANCE
RESIDENTIAL PROPERTY INSURANCE
What is important to know about mitigating residential property exposures?
Homeowners need to be aware of frivolous claims, which are hurting the industry. ...
Homeowners may not realize they could get surcharged and possibly even non-renewed.
— Brandon McCarty Regional Practice Group Leader, Burns & Wilcox, Philadelphia, Pennsylvania
READ MORE HERE
ASK ME A QUESTION
Experts see glimmers of hope in the Habitational Insurance Market
Watch as our experts discuss the current state of the Habitational Insurance market and provide insights into 2024.
WEBINAR: HABITATIONAL INSURANCE MARKET
“For the insureds who took substantial rate increases for the past few years the good news is that the rates flattened to a large degree. … But it is still a pretty tight marketplace from a premium and coverage standpoint.”
— Nicholas Freeman, Associate Managing Director, Broker, Casualty, Burns & Wilcox Brokerage, North Dallas, Texas
“London is now reentering the primary habitational space with some more competitive rates, but they have caveats to go with that. Additionally, there are more domestic markets that are now reentering the marketplace and increasing capacity.”
— Jake Miller, Broker, Property, Burns & Wilcox Brokerage, Atlanta, Georgia
“It has just been unprecedented: hurricane activity, name stormed activity on the Gulf Coast, from Key West all the way to Houston. …This has added up to put us in a generational hard market.”
— Kevin Cuyler, Manager, Commercial Insurance, Burns & Wilcox, New Orleans, Louisiana
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EXPERT INSIGHTS
Solutions are available Keep up-to-date with the latest intel ‒ from Habitational to Healthcare, Construction to Cyber, and more ‒ at burnsandwilcox.com.
