KRISTINSWANSON SCOTT

Biggest industry challenges?

Specifically for south Louisiana, we're in a homeowners insurance crisis premiums have skyrocketed because the entire state has been slammed over the past three years with CAT 4 and above storms. The biggest challenge is not only addressing climate change and how it's affecting the industry, but how we're going to continue to fortify our homes this far south to make them insurable. The storms are not going away; they're only getting stronger.

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C L I E N T S M A N A G E

G E N E R A L

L I A B I L I T Y M A R K E T

D I S R U P T I O N

Olivia Overman IA Content Editor

With a dynamic general liability market, agents can play a key role in assisting their clients and continually add value to the relationship.

General liability rates have been increasing over the past number of years and increases are expected to continue for most liability lines in 2023. This trend is projected to continue as the segment continues to be adversely impacted by rising claim frequency and severity primarily driven by social and economic inflation. Other downward rate pressures include the cost of medical care and litigation funding.

“The market is seeing heavy class-of-businessbased market disruptions, with businesses such as hospitality seeing the most tightening," says Matt Huels, executive underwriting officer, small commercial, Markel “Additionally, insureds with difficult risk characteristics, such as challenging loss history or worse-than-average in-class exposures, are seeing double-digit rate increases, along with tightening terms and conditions "

Further, “claims are not localized to one specific industry and the reasons for losses are specific to the operation," says Justin Cardullo, vice president and head of general liability, Hiscox. “Warehousing claims are typically quite different from the losses that come from a restaurant or a product manufacturer."