Good News: Your 2015 Insurance Forecast Could Prevail Over the Previous Year
Based off of the 2015 Market Place Forecast by Willis Group Holdings, it appears the clouds have parted and sunny skies are on the horizon as the 2015 Insurance Forecast Could Prevail Over the Previous Year. Due to a few factors, it is predicted that in 2015 commercial insurance buyers will have the ability to obtain better pricing conditions. Willis has predicted one of these improvements to be a result in an average 10-15% decrease on commercial property rates. Workers’ Compensation is also included in this pricing deduction, however it does not appear to transpire throughout all existing commercial accounts. The locations that are continuing to face hardship on this particular aspect are New York, Massachusetts, Pennsylvania, and California. 
The report in reference is a broad overview of the US Insurance Market. When taking a closer look at the New England area, our regional as well as national companies, are coming in strong on their renewal pricing. Also, they are competing heavily on placing new business. This is once again good news for you as the consumer!
With all of this change occurring, it is important to remember the current areas that require a little extra attention as they are not improving as quickly. One to keep in mind is cyber risk and liability products, as the exposure continues to sky rocket on a daily basis.
As this particular market is softening, now is an essential time to start thinking about creating a strategy for your upcoming 2015 renewals, as a business owner. To ensure that this process is one that is executed properly, your agent should be provided with an ample amount of time to market your portfolio for you. Factoring in all of the necessary strategic steps involved in the preparation process may seem slightly overwhelming, however you can be assured that any of the time dedicated to this will produce a satisfying result.
If you need help to create a strategy to market your business in 2015 ensuring that the appropriate coverage is in place and/or that you are receiving the most competitive pricing for your business, please contact me at: cmcintosh@clark-mortenson.com or call me at 877-352-2121, as I am always eager to assist with your needs.
