It’s no secret that the standard property insurance market is going through a tough cycle after natural catastrophes and extreme weather events have resulted in dramatic spikes of property insurance rates, both in personal and commercial lines, across the United States. At the same time, the excess and surplus (E&S) property market isn’t getting any relief as increased submission volume means underwriters can be more selective and larger loss limits are looking increasingly less attractive.
“I definitely see a tightening of the market,” said Teri Colburn, VP and broker at Breckenridge Insurance Services. “It's a hardening of the property market that we haven't seen in a long time.”
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