Property Insurance Market Update – Q2 2020
… capacity directly impacts renewal pricing, as the days of plentiful capacity to use as a leverage tool to blunt rate increases from incumbent carriers are gone. Industry Groups Some underwriters are non-renewing accounts within particular industries, including food, wineries, high-tech, school districts, waste and recycling, frame habitational, auto dealerships and chemical risks. These industries are seeing the most severe restrictions in carrier capacity, deductible increases and rate hikes. Coverages, Terms & Conditions There has been a significant cutback by many carriers on the first party cyber coverage that gradually made its way into property forms over the last decade …
https://www.epicbrokers.com/insights/property-insurance-market-update-q2-2020/