According to Marsh McLennan Agency’s newly released 2024 Commercial Property Report, a nuanced recovery for the property insurance market is underway. Yet property owners and operators still find themselves at a crossroads. They are grappling with several challenging factors contributing to the 24 consecutive quarters of rate increases.
Denise Perlman, president of national business insurance at Marsh McLennan Agency, was recently interviewed by Business Insurance about the three contributing factors impacting property rates today and her recommendation for businesses to navigate the market best.
“We’re really trying to drill into the factors that are impacting property rates. It’s three things: an increase in losses driven by secondary perils; reinsurance costs; underinsured and undervalued properties,” said Denise.
