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Rates are expected to remain steady — but organizations need to stay focused on risk management to avoid losses from business interruption.
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Business insurance rates are likely to remain stable through the remainder of 2024, with the notable exceptions of organizations located in catastrophe-prone (CAT) areas and those with a poor claims history or loss control challenges. Rate hikes have moderated across many lines of coverage; increases are far more manageable than hikes during the last few years. In line with the trend from earlier in the year, some may see rate decreases for workers’ compensation, directors & officers (D&O) and cyber coverage.
With rates remaining relatively stable across most lines, businesses should turn their attention to managing uncertainty and the impact of business disruption. Recent global events — ranging from the Crowdstrike IT outage to Hurricanes Beryl & Debby to campus protests — will not only have far-reaching consequences on
insurances rates, but also on how organizations prepare for a halt to their operations.
Organizations who have taken the time to develop a strong business interruption plan and who conduct a thorough simulation exercise to identify gaps or areas to improve will fare much better, not only from a preparation standpoint but also in securing the most favorable rates. These in-depth simulations can be conducted with your broker who can help strengthen your plans and provide guidance on ways to actually be prepared versus just thinking you’re prepared.
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Maintaining a strong risk management strategy remains imperative for building organizational resilience, for enhancing profitability and maintaining the vitality of your workforce.
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1. PropertyCasualty 360, “Business interruption risks continue in 2024,” March 4, 2024.
Q3 Rate Report
HUB 2024
Disruptive Weather Fuels Business Disruption
As noted in HUB’s Mid-Year 2024 Rate Report, the impact of severe weather and natural disasters is the biggest concern for insureds. Wildfires in Western Canada and the U.S., severe flooding in the Midwest, damaging convective storms and the ongoing hurricane season in the Southeast and Gulf Coast will continue to drive premiums northward.
While rates for the remainder of 2024 are likely to remain stable, businesses still must remain vigilant when managing their risk and should look for creative solutions for additional coverage as they begin planning for 2025 and beyond.
To reduce your total cost of risk, consider the following best practices as your next steps:
Educate yourself on the insurance marketplace.
HUB’s proprietary Third Quarter 2024 Rate Report provides the latest information on rates and exposures for each insurance line and a wide range of industries. This information will help you and your broker prioritize risk and mitigation measures.
Research your insurers.
Know who is providing you with coverage. Do they have a good reputation? Are they fiscally sound? Dozens of insurance carriers — particularly those in CAT-exposed states like Florida and California — have folded, leaving policyholders in a lurch. Seek out top-rated carriers for coverage, not just the least expensive — your broker can point you to the best for your particular needs.
Review your risk management plan.
There is no time like the present to review your risk management program, with a particular focus on business continuity and disaster recovery plans. Take the opportunity now, ahead of 2025 planning, to look at enterprise-wide risk and how your insurance program is protecting you against exposure, including CAT risks. HUB’s risk and insurance experts can provide the guidance you need to protect your business against today’s risks and be ready for tomorrow.
Q3 Rate Report
Based on proprietary insurance premium data, HUB’s network of experts provides insights into the state of the insurance marketplace each quarter. Download our Rate Report to receive detailed rate forecasts and learn how insurance rates may impact your total cost of risk.
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Cyber rates are projected to remain flat or decrease up to 10%
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Property rates have moderated, with projected rate increases of 0 to 10%
Captive solutions and parametric coverage are viable options to obtain coverage in these catastrophe-prone regions. Creativity, flexibility and thoughtful planning will help those who are exposed to hurricanes, wildfires, earthquakes and convective storms.
Take Advantage of Stable Rates: Prepare Your Business for the Future
Take Advantage of Stable Rates: Prepare Your Business for the Future
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Business insurance rates are likely to remain stable through the remainder of 2024, with the notable exception of organizations located in catastrophe-prone areas.
As noted in HUB’s Mid-Year 2024 Rate Report, the impact of severe weather and natural disasters is the biggest concern for insureds.
The Growing Risk of Business Interruption
A recent survey of 3,000 risk professionals listed business interruption as their second-greatest risk concern (behind cybercrime). It wasn’t just weather and natural disasters that worry them: They also cite cyberattacks, man-made disasters, geopolitical instability, civil unrest and the impact of Artificial Intelligence (AI) as major areas of concern. No matter where it’s located, there’s a strong likelihood that one of these events will temporarily sideline your business.
A risk management plan and coverage to insure against losses are essential elements to minimizing the effects of business interruption. Given the increased frequency
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2
3
and severity of events that can disrupt business operations, it’s critical to reassess the duration of your BI coverage, as a standard 12 months is proving to not be sufficient following major weather events.
A recent survey of 3,000 risk professionals listed business interruption as their second-greatest risk concern (behind cybercrime).
While rates for the remainder of 2024 are likely to remain stable, businesses still must remain vigilant when managing their risk and should look for creative solutions for additional coverage as they begin planning for 2025 and beyond.
The Growing Risk of Business Interruption
As noted in HUB’s Mid-Year 2024 Rate Report, the impact of severe weather and natural disasters is the biggest concern for insureds. Wildfires in Western Canada and the U.S., severe flooding in the Midwest, damaging convective storms and the ongoing hurricane season in the Southeast and Gulf Coast will continue to drive premiums northward.
Captive solutions and parametric coverage are viable options to obtain coverage in these catastrophe-prone regions. Creativity, flexibility and thoughtful planning will help those who are exposed to hurricanes, wildfires, earthquakes and convective storms.
1
2
3
Property rates have moderated, with projected rate increases of 0 to 10%