A “Hard” Insurance Market in WA
Have you noticed a rise in your insurance premiums? As we venture into the new year, it’s evident that the challenges posed by the Hard Insurance Market in WA is persisting in 2024.
The hard insurance market in Washington has been ongoing for 5+ years and is lasting longer than previous hard insurance markets. This market scenario is a result of inflation, increased natural catastrophes and a surge in claims. The most recent hard insurance market lasted only 3-years, from 2001-2004. From 2004-2018, we’ve enjoyed a soft insurance market of lower rates, broader coverage and flexible underwriting. Until insurance carriers meet their budget deficit, the hard insurance market is here to stay.
Here’s a snapshot of what to expect during the hard insurance market in WA | 2024
Rising Insurance Premiums: The trend of escalating insurance premiums has been ongoing since 2018.
Reduced Coverage: As insurers tighten their belts in response to market challenges, there may be a reduction in coverage options. We understand the importance of securing comprehensive coverage and are here to guide you through this landscape.
Stricter Underwriting Guidelines: Expect more rigorous underwriting standards. Our team is well-versed in navigating these guidelines and can help tailor solutions to your specific needs.
Impact on the Economy: The broader economic implications of these market shifts are undeniable. It is essential to stay informed and make smart decisions regarding your insurance portfolio.
As independent agents, we are committed to assisting you in maneuvering through these challenges. We serve as your advocates and are dedicated to finding solutions that provide stability in these uncertain times. We understand that rising insurance premiums can be stressful, if you have any questions please reach out to learn more about how we can support you. We thank you for entrusting us with your insurance needs.
