Tag: Business Insurance

  • Dairy Farm

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    Business Issue As a result of a severe storm with heavy rain and high winds, a McGriff client in the dairy farm business sustained property damage to four buildings and some business equipment. The damaged equipment was used to plant corn and water the crops. It was the beginning of the planting season for our…

  • Condominium Association

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    Business Issue A tropical storm caused an interruption of power to a client’s fire pump system which was permanently installed in a pump house on the premises. When the power came back on, the surge caused the pump to run excessively and catch fire. The client immediately replaced the system to keep their property owners…

  • Energy Client: Transformer Asset Management

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    Business Issue A McGriff Energy client had suffered a number of transformer property losses, with about $10 million in gross claims over a 4-year period. Aged units combined with a lack of maintenance and testing management programs were partly to blame. The participating insurance panel was no longer comfortable with the account risk quality and…

  • McGriff Market Update: Q2 2025

    McGriff Market Update: Q2 2025

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    Summary With the exception of Commercial Auto and Umbrella, all other insurance lines showed lower premium increases in Q1 2025 than in the last quarter of 2024, signaling softened market conditions, according to the most recent report from The Council of Insurance Agents & Brokers (CIAB). Read the Market Update (PDF)

  • Weathering the Storm 2025

    Weathering the Storm 2025

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    Summary 2024 brought another active year for weather and climate disasters in the United States. There were 27 confirmed disaster events exceeding $1 billion according to NOAA’s National Centers for Environmental Information (NCEI). These disasters caused at least 568 direct or indirect fatalities, which is the eighth highest for billion-dollar disasters over the last 45…

  • Large Verdicts and Settlements

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    Summary The insurance market continues to be challenging, with persistent rate increases and rising claims costs. Third-party litigation funding, anti-corporate bias, and nuclear verdicts are exacerbating claims severity in the industry. Read this detailed summary of key verdicts from 2020-2025. Read the Summary (PDF)

  • McGriff Market Update: Q4 2024

    McGriff Market Update: Q4 2024

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    Summary The overall Property and Casualty insurance market continued to stabilize throughout 2024, with most rate increases continuing to decelerate year over year. This includes the Commercial Property market, even post Helene/Milton, as insured losses continue to accumulate. The Umbrella market is an outlier, with higher rate and premium increases and reduced capacity for the…

  • Strategies to optimize your property program – 2024 Property Market Update

    Strategies to optimize your property program – 2024 Property Market Update

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    Summary The property insurance market outlook for 2024 has shown signs of improvement with decelerated rate increases as compared to the last several years. This comes as positive news amid insureds’ fatigue of significant rate increases over multiple years, particularly in 2023, as insureds saw large jumps in their property insurance costs. Rate increases in…

  • Weathering the Storm 2024

    Weathering the Storm 2024

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    Summary According to the National Oceanic and Atmospheric Administration (NOAA), the 2023 Atlantic hurricane season ranks fourth for most named storms since 1950. There were 20 named storms, seven hurricanes, and three major hurricanes.¹ In addition, 2023 broke multiple weather and climate records, including the warmest July on record, highest monthly sea temperature, and first…

  • McGriff Market Update: Spring 2024

    McGriff Market Update: Spring 2024

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    Summary The Property insurance market began stabilizing in 2024 due to significant rate increases over the past several years, with reinsurers cautiously expanding their capacity and appetites. The Commercial Auto market continues to be challenging for most accounts with a heavy fleet exposure. Read the Market Update (PDF)