As the new year dawns, so comes the time to plan and make changes. Insurers are among those making changes and finding themselves in a time when they can play a more significant role in helping to prevent risk, mitigate severity, and close gaps in global markets.

For 2024, the risks continue to grow: climate change, an explosion in cybercrime, and underinsured populations. Insurance is turning to proactive risk management to help clients mitigate the threats. Firms will seek to strengthen relationships and profitability by being partners for their clients and providing up-to-date information about cybercrime and other risks.

The non-life insurance sector continues to have higher-than-average prices – yet the loss costs are increasing, making profitability elusive for many carriers. Deloitte issued their report “Global Insurance Outlook,” stating, "As a consequence, the US non-life market is ‘facing the hardest market in a generation’ as insurers struggle to raise prices fast enough to cover record growth in expenses.”

Leaders will continue to show growth and support for diversity, equity, and inclusion (DEI) for customers and employees. This initiative may boost support for societal issues such as the insurance protection gap. The expanding use of AI by insurers and customers will continue to change the face of insurance and re-insurance.

The AdvoCap Insurance Agency, Inc. team is excited about 2024, and we look forward to all the ways we can support you in the new year. If you should have questions about your firm’s insurance policies or would like to consider new coverage for 2024, please feel free to reach out to us for a tailored conversation for your needs. Happy New Year!

Photo Credit: 123rf.com, pitinan