The hard market and continued macroeconomic challenges made for a challenging 2024 for the industry. (Credit: Sergey Nivens/Shutterstock.com)
With a new year underway, it’s important to reflect on what we’ve learned in the insurance industry in 2024. The hard market confronting the insurance industry has gone on longer than expected, and this issue continues to be a problem for our agencies. Business has been challenging and, in California in particular, we are seeing many carriers refusing to quote. There’s less supply, and agents are having difficulties securing direct carriers with whom to partner. Consequently, we are having a hard time providing coverage at a reasonable price for insureds.
The hard market has clouded the insurance industry’s outlook, but opportunities are coming into focus as well. For example, we have seen a lot of growth potential in the surplus lines space for brokers exposed to different markets. We have also received more calls from insurance clients that have been dropped by their current providers. Agencies that are still willing to cover high-severity risks have the opportunity to see strong growth in their books of business as other insurers leave the market.
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