It is hard to believe that we are quickly approaching the end of February already! I grew up hearing that time moved faster as we aged, but I didn’t realize how quickly it could actually go!
We recently sent out our most recent newsletter which you can also find below. We hope you find the information to be informative and helpful. As the insurance industry continues through this “hard market”, our goal as an agency is to help you navigate the waters. While we cannot predict the future, we, as agents, have the time to research the market and stay on top of trends. We hope our knowledge can be a great help to each of our insureds.
As we reach the halfway point for Q1 2024, we continue to see insurance companies tighten their appetite and underwriting guidelines. Our agency is receiving changes from carriers weekly! It has been a challenge to say the least. Our best advice is that if you are thinking about making a change to your insurance portfolio (buying a new property, starting a new business, etc.), bring your agent into the conversation as soon as possible. While business never stops, it has been taking us longer than it did a year ago to get things accomplished, as we need to talk more frequently with our underwriters.
Underwriting updates on farm policies have been slightly slower, but we are starting to see those coming down the pipeline. We have been expressing our concerns to our insurers and advocating on behalf of farmers. However, you will hear in the industry that guidelines are starting to tighten—specifically those around the acceptable ages for confinement buildings. Again, those changes are not currently affecting in-force business, but they are affecting new business.
There is some hope on the horizon! Progressive Insurance recently reported a favorable 4th quarter. Those who have Progressive know that Progressive increased rates over the past 18 months. We seemed to be climbing a mountain in 2022 and throughout 2023. However, it appears the choices Progressive made may be paying off. We are hopeful that this is a sign that rates for Progressive may level off in the near future. Progressive has historically been the leader in insurance market trends, so we are hopeful that this may be a sign of easier days to come.
As agents, we still think that loyalty with the carrier can be one of our best tools when we advocate for an insured. While we are being forced to rewrite some policies, we are trying to make sure that any changes are strategic in nature and discussed thoroughly with each insured.
Finally, as always, we appreciate your continued business! We enjoy working with you and invite you to stop into our office any time.
