2022 was another year full of great rates, keeping our clients safe, and learning about new areas of coverage. As we look forward to 2023, we recap the past year while gearing up for the new year ahead.
This year at Bleiler Insurance we learned about uncommon insurance policies like collections insurance, protected our belongings during a tumultuous summer season with disaster and flooding insurance, summer home insurance and mortgaging, and safe road tripping necessities like motorcycle and auto insurance to focus on what matters most – making great memories.
The insurance industry has demonstrated incredible resilience and adaptability over the last few years through health insurance stress and an economic rollercoaster. The Consumer Price Index increased by 7.7% over a 12-month period ending in October 2022, the highest increase in 40 years. These costs are leading to higher home insurance claims because the bulk of policyholder premium is spent repairing and restoring property.
The current trend for 2023, is for upward pressure in premiums to be driven by inflationary costs. Coupled with increasing extreme weather risks, supply chain issues, necessary government spending to help individuals domestically and abroad, and insurers of last resort being overwhelmed, rates are expected to hike up unless the federal government can control inflation. A consequence of much-needed support for Americans, inflation can be difficult to lower in a short time frame and we may be expecting to see higher rates throughout 2023.
The future isn’t all bleak, however. The reinvention revolution in the small-business insurance market, the global transition to green energy and related insurance products, coverage for emerging exposures among intangible assets such as cryptocurrency and virtual activities all point toward plenty of room for growth.
Thank you to all of our clients who supported us through 2022. From the Bleiler Insurance team, we’re fortunate for your business and excited for what the new year will bring for us. From new coverage areas to new rates and specifications that help protect homes, businesses, autos, and more, we’ll be there every step of the way.