Despite making progress in bouncing back from the COVID-19 pandemic, rising costs driven by higher interest rates, inflation, supply chain issues and major natural catastrophes made for a rough 2022 for the U.S. property and casualty insurance industry. According to the National Association of Insurance Commissioners (NAIC), higher earned premium was not enough to combat higher losses for U.S. insurers, which resulted in the steepest underwriting loss since 2011. However, analysis from IRMI shows 2022 market conditions were favorable for insurance brokers globally, as customers began to see these insurance professionals in a more advisory light. The shift from brokerages being seen as transactional entities has been influenced by changes in the market which have driven customers to seek out expert insight on coverage options and market trends. IRMI predicts the growth seen by brokerage firms as a result of increased policy demand should continue enhance the growth of brokers in the coming years – especially with the availability of AI technology to help them better meet the needs of customers. In the slideshow above, we'll look at the ten highest-performing global insurance brokerages of 2022, according to AM Best.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
