The chaos we saw in the Personal Property & Casualty Ultra-High-Net-Worth
(“UHNW”) market in 2023 will continue to plague us through 2024.
The bad news is that pricing remains high; carriers continue to non-renew risks and withdraw from some markets. The good news is that capacity is trending in our favor, as is inflation, and we are finding solutions. Forecasts are for continued frequency and severity of floods, hurricanes, convective storms, wildfires and freezing. Insured losses averaged over $100 billion in the U.S. over the past five years—compared to $30 billion for the previous five years—and are projected to increase.
Strategies in this market include higher deductibles; layered coverage from
different carriers; greater use of smart technology such as automatic water shutoff devices; and risk mitigation services to help prepare for catastrophic events. Insurers are very sensitive to a family’s claims history. Be sure to call us before you submit a claim; we have a full-time specialist on our team to help you through the claims process
We are proud that Concierge continues to grow. We now have ten professionals
providing our “white glove” service to over 250 families in over 40 states. We
expanded our carrier and vendor relationships to ensure that we remain proactive vanguards in this industry and to secure optimal solutions for our clients.
We appreciate our relationship with you and thank you for your positive feedback.
Best wishes for the New Year!
The Concierge Insurance Solutions Team