We are seeing the insurance marketplace wanting increases for all lines of coverage. That said, the increases are creating interest is some lines of coverage (i.e. property insurance) by markets previously on the sidelines. The property market continues to face drastic increases, especially for those with any claims and located in non-hurricane states. The hurricane exposed states still face incremental increases, but they have been more properly priced from an actuarial standpoint. As stated previously, the marketplace is facing increased pressure on pricing but this will stabilize soon as carriers previously on the sideline will come in to make a run at some business that they feel is now more adequately priced.

The devastating liability claims that seem to plague real estate owners continue to climb in frequency as well as in record pay outs. Attorneys are litigating harder, suing landlords appears to be a more acceptable practice by society, and insurance carriers are terrified of facing a jury. So, the carriers cut big checks to make frivolous claims go away…simply out of fear. This practice is creating horrible loss ratios for many owners and the availability of 20 carriers quoting on a real estate owner’s liability policy 3 years ago is now limited to a select handful.

It is tough out there…but the market will stabilize and hopefully legislation will pass at some point in the near future to help minimize the insanity of large demands on slip/fall cases that are simply plaguing owners and carriers alike.