Amid a pandemic, a spate of catastrophic events and an ongoing trend of exorbitant litigation outcomes, managing your organization’s property and casualty insurance program requires traits found in a premier middle linebacker.
For those of you unfamiliar with American football, the middle linebacker, or “Mike,” is the on-field leader of a team’s defense – a player who possesses not only the skills to respond to threats and attacks but also the foresight to see attacks coming, the knowledge to instantly determine the optimal response, and the tools to communicate with teammates and execute the chosen response.
If you’re an insurance decision-maker – essentially your organization’s or household’s Mike – we have just the resources for you. Alera Group’s Property and Casualty 2022 Market Outlook whitepaper is part scouting report/part playbook, providing analysis of tendencies and trends by industry and line of coverage (the scouting report), and offering strategies and tactics to guide you through the year ahead (the playbook).
In addition, we’re following up the Market Outlook with a series of articles in the Alera Group Insights blog to report on the latest developments in the industries and lines of coverage addressed in the whitepaper.
Just as coaches and players make in-game adjustments in recognition of their current circumstance, you need to make informed decisions in keeping with the dynamic natures of your organization, your industry and the P&C market. Every week, Alera Group thought leaders will bring you fresh content to keep you informed and prepared to handle the property and casualty challenges you may confront.
Foreseeable P&C challenges, as detailed in the Market Outlook, include:
- Continued pricing increases – though increases are moderating, with variations depending on industry, location, loss history and type of insurer;
- A sellers’ market – with insurers continuing to exercise caution in their underwriting decisions;
- COVID-19 – with the pandemic’s impact on claims yet to be determined;
- The exponential growth of cybercrime.
Among the strategies we recommend:
- Thoroughly reviewing current operations with your insurance agent or broker;
- Establishing clear objectives to prioritize your coverage needs;
- Working with your agent or broker to prepare your business for the underwriting process;
- Allowing ample time to prepare your application and submit it as early as possible;
- Building an organized, comprehensive submission that commands underwriters’ attention;
- Considering coverage alternatives, such as captives and risk-purchasing groups.
In both the whitepaper and the series, you’ll learn what’s driving market conditions, and what you can do to make your organization as attractive as possible to insurers in the ongoing market. As Insurance Journal noted in a January 3 article forecasting insurance issues in 2022: “Dollars spent on loss prevention lead to lower insurance premiums, which send a market signal encouraging such behavior.”
Industries and Lines of Coverage
Among the industries covered in the P&C Market Outlook and soon to be revisited in the series are:
- Healthcare (including assisted living and skilled nursing facilities, as well as physician groups)
- Hospitality and Gaming
- Nonprofit organizations
- Public sector
- Real estate
You’ll also find in-depth analysis of coverages including:
- Commercial Auto
- Cyber Liability
- Directors and Officers
- Employment Practices Liability
- General Liability
- Medical Malpractice
- Personal Lines/Private Risk
- Professional Liability
- Umbrella and Excess Liability
- Workers’ Compensation
Get the P&C 2022 Market Outlook whitepaper to have as your scouting report and playbook, and follow our Insights series to keep up to remain current on insurance issues related to your industry.
About the Author
Executive Vice President/National Property & Casualty Leader
Mark Englert has more than 25 years of insurance industry and related experience. As an Executive Vice President and the Property and Casualty Practice Leader for Alera Group, he works closely with member firms across the nation to enhance client experiences, build out new capabilities, and coordinate services and resources.