Mike Quigley- Head of property underwriting, reinsurance division - Munich Reinsurance America
“As a property underwriter, I would like to say that personal and commercial property lines will grow fastest due to rate increases attributable to the severe drag that natural catastrophes have had on results over the last two years.
However, commercial auto is most likely to grow fastest due to the continued need for material rate increases, as well as rising demand for coverage due to a strong US economy. For example, the Council of Insurance Agents & Brokers’ first-quarter 2019 survey found that 39% of respondents observed an increase in demand for commercial auto coverage during the period.”
Martha Bane -Managing director, property practice -Gallagher
“With hurricane season following hot on the heels of unprecedented spring flooding, I predict we will see tremendous growth in flood insurance in the second half of 2019.
Flooding is the most common and costly natural disaster, with more than $54 billion in losses to the US economy predicted this year. Most surprising is that a quarter of insurance claims actually come from outside high-risk flood areas.
So there is urgency now to review risk for damage caused by flooding, either through private-market flood solutions or the NFIP, where a 30-day waiting period may apply.”
Kyle Samuel -President -M&T Insurance Agency
“The answer is contingent upon whether you define growth as premium increases driven by rate or total policy count. In terms of policy count, cyber will grow the fastest. Recent ransomware attacks have made national news, prompting businesses to take notice. Furthermore, many businesses don’t currently purchase cyber, and the increased awareness and maturity of the coverage, along with technological innovation, will impact demand.
Regarding rate, while not a hard market yet, there is a continued push from carriers to focus on underwriting profitability and deploying capacity more efficiently. We’re seeing hardening of markets in property, auto and excess casualty.”
