San Francisco, CA – November 15, 2022 – Woodruff Sawyer, one of the largest independent insurance brokerages in the US, announced today the release of the 2023 Property & Casualty Looking Ahead Guide. Although the market has stabilized to an extent, factors such as the current inflationary period, the war in Ukraine, and ongoing supply chain issues have more economic uncertainty, which has, in turn, impacted premiums. As a result, property premiums are rising again and casualty lines are on the uptick, albeit at a slower rate.
Inflation, supply chain constraints, secondary-peril losses, and a challenging reinsurance market are all contributing to a hardening of the commercial property insurance market in 2023. Before Hurricane Ian, there was some hope commercial property rates would stabilize, and, in some cases, insureds would obtain rate reductions. Post-Ian, that hope has all but disappeared.
The outlook for casualty in 2023 remains difficult as well. Social inflation including heightened litigation, third-party investment in lawsuits, and increased liability verdicts and settlements continue to strain insurer competition and increase rates. By contrast, the workers’ compensation (WC) trend noted in 2022’s Guide, continues to demonstrate best-in-industry underwriting results despite recent rate reductions. Wage inflation and increasing interest rates will continue to make WC hugely appealing to insurers and stimulate competition for premiums.
Carolyn Polikoff, Senior Vice President, National Commercial Lines Practice Leader notes, “Each year, our P&C Looking Ahead Guide provides clients with expert-sourced guidance regarding expectations for the upcoming year, forecasting premiums and actionable steps to mitigate risk for buyers. Because factors affecting the market and your premiums can be complex, it’s important to have a knowledgeable and dependable insurance broker to help you maneuver through the evolving risks found in all types of insurance markets. Above all, we help our clients navigate and mitigate the intricacies of both existing and emerging risks to deliver innovative and customized insurance program designs – all of which help our clients meet their growth goals.”
For deeper insights, advice, and our predictions for the property and casualty landscape in 2023, please join our free P&C Looking Ahead Guide webinar on Tuesday, November 15 at 1 pm ET/10 am PT.
About Woodruff Sawyer
As one of the largest insurance brokerage and consulting firms in the US, Woodruff Sawyer protects the people and assets of more than 4,000 companies. We provide expert counsel and fierce advocacy to protect clients against their most critical risks in property and casualty, management liability, cyber liability, employee benefits, and personal wealth management. An active partner of Assurex Global and International Benefits Network, we provide expertise and customized solutions where clients need it, with headquarters in San Francisco, offices throughout the US, and global reach on six continents. For more information, call 844.972.6326, or visit woodruffsawyer.com.