What is weighing on mutuals, particularly smaller mutuals as well as other carriers, is the cost of reinsurance. We're experiencing a late market. Reinsurers are sitting on the sidelines waiting for the best deal before they announce their terms and conditions. (Credit: constantincornel/Stock.adobe.com)
There's really no way to sugarcoat it.
The new year has brought with it one of the most challenging marketplaces for insurers we've seen in decades. While that frustrating fact may leave you ready to break at least one New Year's resolution and reach for chocolate ice cream to indulge a feeling of self-defeat, don't give up just yet. If we work together as an industry and agree to align our focus toward what's best for us as a whole, 2023, and the years ahead, will provide a fertile environment for our industry to prosper in ways that will not only benefit our profit lines, but our employees, customers and communities as well.
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