Business insurance rates are expected to remain stable throughout the rest of 2024, except for companies located in catastrophe-prone (CAT) areas or those with poor claims histories or challenges with loss control. While rate increases have slowed across many coverage lines, they are much more manageable compared to the sharp hikes seen in recent years. Continuing the trend from earlier this year, some businesses may even experience rate reductions in workers’ compensation, directors & officers (D&O), and cyber insurance.
With rates holding steady across most areas, businesses should focus on managing uncertainty and potential disruptions. Recent global events — from the Crowdstrike IT outage and Hurricanes Beryl and Debby to campus protests — will not only affect insurance rates but also influence how organizations prepare for operational disruptions.
Companies that have developed strong business interruption plans and conducted thorough simulations to identify weaknesses will be better positioned to secure favorable rates and effectively manage disruptions. These detailed simulations, often carried out with the help of a broker, can provide actionable insights to ensure true preparedness rather than a false sense of security.
Learn more here: https://www.hubinternational.com/insights/outlook/2024/q3/business/
