The US commercial property insurance market continues to feel the sting from catastrophic weather and disaster events, which have become more severe, more frequent and harder to predict, according to the 2022 U.S. Property Market Outlook report from Risk Placement Services (RPS).
Expecting the unexpected has become standard for a market where losses from unanticipated catastrophic weather have reached the billions of dollars, RPS said. In recent years, such events have occurred in unusual regions or seasons, such as last February’s Winter Storm Uri in Texas, or the tornadoes that devastated portions of the central and southern US in December.
In a bid to boost profitability, E&S carriers have been dropping unattractive risks, raising rates, lowering coverage limits and adjusting policy terms, RPS said. Click to read more at www.insurancebusinessmag.com.