Q3/2022 Commercial P/C Market Survey Cites Inflation as Primary Factor in Premium Pricing Trends
Market conditions remained challenging in Q3 2022, with respondents reporting an average premium increase of 8.1% across all account sizes, up from 7.1% in Q2 2022, according to The Council’s quarterly P/C Market Survey.
Respondents believed current market conditions would allow them to show their value to clients. According to a respondent from a midsized Midwestern firm, “helping to educate clients on the overall market, risk mitigation techniques and emerging market risks will be critical to client retention.” In the words of a third respondent from a large Midwestern firm, “If you can’t offer a client services and tools to help them make risk improvements in their business, you will be relegated to being just another vendor who can give them a policy.”
Download the report.
The Council Urges Congress to Continue Expanded Access to Telehealth Benefits
The Council joined hundreds of industry stakeholders in submitting a letter to Congress supporting the extension of a provision that allows high-deductible health plans to offer telehealth services before patients hit their deductibles. Without the extension, the provision, which was implemented during the height of the COVID-19 pandemic, will expire at the end of the year.
Read the full letter to Congress.
Collecting Comments on Cyber Incident Response RFI from the Federal Insurance Office
The Government Accountability Office (GAO) has asked the Federal Insurance Office (FIO) to conduct a joint assessment with the Department of Homeland Security on cyber risks to critical infrastructure and potential financial exposure. GAO is specifically interested in whether a federal insurance response to catastrophic incidents is warranted, and if so, how such a response should be structured. In order to inform this assessment, FIO is seeking public comment on specific questions related to cyber insurance and catastrophic cyber incidents.
The Council is considering submitting comments on this issue by the newly extended December 14th deadline, and we are currently collecting feedback from members to inform our potential response. Here is a summary prepared by Steptoe & Johnson. We plan to reach out to members of our Legal Counsel Working Group, CFO Working Group, and CIO Working Group for their thoughts. Please contact Blaire Bartlett if you or your firm is interested in providing comments. Comments are due to The Council by Wednesday, December 7th.
Post-Webinar Recording: Government Affairs Midterm Election Breakdown
Our Government Affairs team hosted a webinar yesterday (11/16) briefing members on midterm election results that could impact your business. Their presentation covered the complexion of Congress in light of both confirmed and pending midterm results, and legislation that will, could and most likely will NOT be passed before the 2024 election.
*Important: At the time of this recording, Republicans had yet to take control of the House.
Watch the full recording. |
