Expect significant insurance premium increases in 2019 and 2020
Insurance brokers have advised us to expect significant insurance premium increases in 2019 and 2020.
World-wide weather volatility, aging class of business, depressed rate levels, low return on investment, claims frequency and severity (water damage claims, slip & fall liability claims), complexity of claims (D&O, human rights), and impact of global reinsurance costs, are all having a large impact on the insurers’ results for this class of business. As a result of the adverse loss ratios experienced by the insurance companies and the availability of coverage, overall premiums and deductibles are being widely affected.
A greater impact is being felt by those corporations who have experienced claims in the past year or two.
Expect premium increases of 10% and more and budget accordingly. Contact your broker early in your budgeting process.
To assist our corporations manage their risk and reduce insurable losses, Crossbridge has prepared a set risk management measures which sites can adopt. Our managers can obtain it from our E-Portal.