SC&RA White Paper Presents Snapshot of the P&C Insurance Market; Benchmark Survey Next

(May 9, 2024)) - Responding to member sentiment about higher insurance premiums, SC&RA has produced a white paper, Hard Market & High Rates: A Snapshot of the Current P&C Insurance Market. There is significant disparity in views and opinions on the current hard market within industries that rely on property and casualty (P&C) insurance to safeguard their operations, as well as their assets, and that includes members of the SC&RA. What’s clear is that after years of gradual shifts that ultimately lead to higher premiums and reduced capacity, the commercial insurance market began to harden around 2019 and is expected to remain at least the better part of 2024.

Within the white paper, SC&RA has reviewed recent industry reports and publications, and has
collaborated with its Insurance & Risk Management Committee, Endorsed Markets, and Preferred Producers, to examine: Various causes for rate increases over the last half-decade; What action the Association is taking along advocacy and education lines; How the Association is supporting tort reform; and what SC&RA members can do to improve their risk profiles and help control costs. 

To further support members in their insurance decisions, SC&RA plans to conduct a benchmark survey later this year to examine how members are covering risks and buying insurance.

To get a copy of the white paper, visit scranet.org/membersonly. For more information on the survey, contact Joel Dandrea.