Expect significant insurance premium increases in 2019 and 2020

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.