On multi-carrier placements success can often be achieved by generating market competition, targeting more creative retentions, expanding primary limits and eradicating buffer layers as brokers look to offer the best solutions for their clients. Credit: ronstik/Adobe Stock
The spring of 2024 marks a turning point in the commercial property insurance market. After six years of challenging conditions, the market has transitioned and many buyers are now in a more favorable position.
As with previous market spikes, this last hard market cycle saw limited capacity as carriers struggled to generate consistent returns on highly exposed catastrophe portfolios. Hurricanes Harvey, Irma and Maria triggered this prolonged hard market cycle at the end of 2017. The market had not witnessed such a long cycle in our generation.
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