Commercial insurance pricing will continue to trend upwards in 2022 but at a slower pace than in 2021 and with great variation between the lines, Alera Group Inc. said on Tuesday.
The broker said it sees a moderate rate of increase.
"The rate of increase seems to slow down on several lines, including general liability and commercial car. There is also some softening of property prices in non-disaster areas. But businesses in disaster-prone areas will continue to face price challenges." [19659003Increasingweatherandclimate-relateddisastersaredrivingthemarkets
In 2020, 22 separate billion-dollar weather and climate disasters occurred across the United States, according to the National Oceanic and Atmospheric Administration, topping the previous annual record of 1
As of the third quarter of 2021, there have already been 18 weather or climate disasters in the United States, with losses in excess of $ 1 billion each. "These losses continue to affect property insurance rates and coverage availability," Alera said.
growing "exponentially" and the cost of global cybercrime is expected to reach $ 10.5 trillion annually by 2025, according to research and publication by the company Cybersecurity Ventures.
"in Alera. Brokers of American companies, according to the latest Business Insurance ranking, also cited social inflation that drives up liability and commercial car prices and the unknown effect of claims related to covid-19 as factors affecting pricing in 2022.