GS-2 - Everything, Everywhere, All at Once: Navigating Challenging Headwinds in Property Insurance

The industry is currently experiencing the hardest market for property insurance in a generation. Growth in exposures (i.e., population and building trends), higher reconstruction costs (i.e., inflation and supply chain) and increasing climate impacts (i.e., natural disasters) are resulting in more frequent and severe losses, impacting property markets across the U.S. As the impact of elevated loss costs ripples through the industry, different stakeholders are experiencing and working to address unique challenges. For example, reinsurers must manage investment capital and associated downside risk, primary insurers must keep rating plans current with rapidly changing reinsurance and loss costs, regulators must process a bevy of product filings, and purchasers may need to seek new ways to mitigate risk on their properties while faced with more challenging terms. Additionally, non-admitted/E&S markets and alternative structures are seeing growth as admitted markets work to bring the price to transfer risk into better alignment with the cost to transfer risk. In this session, three experts share perspectives on the present state; the industry’s response (across different stakeholder groups); what the future may look like; and how stakeholders can positively influence the future.