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Tuesday Insurance Tips of The Week! What You Can Do If Your Home Insurer Drops You Receiving notice that your home insurance policy is being canceled can be alarming, making you feel like your most significant investment is at risk. This infographic helps explain why this may happen and what you can do about it. Read the enclosed to learn more and for further risk management guidance, contact me today. PH: 714-824-6823 jonathan@reharris.com #insurance #insurancebroker #businessinsurance #insuranceagent #VIPinsurance #ocinsurancebroker #orangecountyinsurancebroker #insurancetips #insurance #2024insurancereview #insurancereview #uptodate #growth #business #commercialsinsurance #commercialautoinsurance #insurancereview #VIPinsurance #customerservice #businessinsurance

This report sheds light on the mixed insurance market underwriting results and its potential impact on buyers. While the overall market experiences losses on their underwriting operations, they offset it elsewhere. Unfortunately, the personal lines segment is particularly strained, and many MPL carriers are feeling the pressure as well. This creates a market with varying appetites and rate environments. To address this uncertainty, early communication with your broker is key. Stay informed and stay ahead. #commercialinsurance #riskmanagement #insurance

Rapid Recap: P/C Premiums to Grow, Profits Expected by 2025 The Insurance Information Institute and Milliman report predicts a small underwriting loss for property/casualty insurance in 2024, with profitability by 2025. Homeowners insurance will remain unprofitable until 2026, despite double-digit premium growth. Personal auto insurance is set for profitability by 2025. Commercial lines will outperform personal lines in 2024, and workers’ compensation continues its strong performance, projecting profitability through 2026. However, slowed U.S. growth and geopolitical risks could impact these favorable conditions. For a deeper dive, refer to the full report by Triple-I and Milliman. #InsuranceIndustry #Underwriting #EconomicTrends #CommercialInsurance #IndustryInsights https://lnkd.in/d72Xt64u

📚 The interplay between personal and commercial lines is often a topic of question. Personal lines insurance, covering individual needs, is more standardized, while commercial lines are tailored to the unique risks faced by businesses. The performance of personal lines can indeed influence commercial lines. For instance, a surge in personal auto claims may lead insurers to adjust underwriting criteria, impacting the availability and cost of commercial auto policies. Similarly, if personal lines suffer profitability issues, it could lead insurers to become more conservative in their commercial lines underwriting to balance their portfolios. Understanding these dynamics is crucial. #InsuranceIndustry #CommercialLines #RiskManagement #MarketImpacts

Property Captives are the present and the future if the assumption is that catastrophic losses will continue to rise worldwide, making for a sustained hard market. It is taking time, but lenders are now coming to the realization that large property owners need alternatives outside of traditional carriers to stay viable in a high inflation, high interest rate, high premium market. #propertyinsurance #propertycaptive #captiveinsurance #insurance #coastalproperty

$21.6 billion deficit is actually a $4 billion improvement from last year. Aside from rising premiums to offset continued losses, expect tight restrictions from underwriters and quick cancellations for non-compliance with loss prevention recommendations in the coming years. Speak to your insurance agent for guidance on these matters. #insurance #commercialinsurance #autoinsurance #homeinsurance

Home insurance will protect you from direct hit of a lot of unexpected, unnecessary financial situations. Get your home insurance today! #insurance #homeinsurance #kolanutafrica #insurtech #protectwhatmatters #risk #financialsecurity

Great to see Mia Wallace and the team at Insurance Business Magazine picking up some of the key themes from the recent panel discussion on premium finance #ipf #premiumfinance #insurance #consumerduty #insurancebrokers https://lnkd.in/e9JRAnTV

In this week's news will talk about how Everest Insurance unveils new US brand, Progressive restricts Texas homeowners policies amid high storm losses, and much more… Read more here ➡️ https://lnkd.in/eccxFTat #COVU #COVUNews #insurance #insuranceagency #insuranceindustry #business #NEWS

Facing Soaring Insurance Rates? Self-Insurance Might Be the Solution You Need! Real estate owners and operators, it's no secret that the past year has been challenging. With insurance rates skyrocketing, finding adequate coverage at an affordable price has become increasingly difficult. This has pushed many to explore alternative options, including self-insurance. Self-insurance allows you to retain risk in-house, potentially reducing premiums and offering greater control over your insurance program. This approach can be particularly beneficial for those with multiple properties or complex insurance needs. Here are some key considerations for self-insurance: Cost Savings: Can self-insurance save you money compared to traditional insurance? Lender Approval: Will your lenders support a self-insurance program? Risk Management: Do you have strong risk management strategies in place? Technology: Is your technology robust enough to handle the complexities of self-insurance? As an insurance broker specializing in real estate, I can help you navigate the complexities of self-insurance and tailor a program that fits your unique needs. Interested in learning more? Reach out to me with your questions and let's explore if self-insurance is the right path for your real estate portfolio! A Reference Guide to Self-Insurance: https://lnkd.in/g7AA_etU #RealEstate #Insurance #SelfInsurance #RiskManagement #CommercialInsurance #RealEstateInsurance #CostSavings