And just like that, 2024 is coming to a close. For many, this year has been signified by a variety of peaks and various valleys – so, now it is time to leave 2024 in the dust to prepare for what is ahead in 2025. In effort to keep this short & sweet, I am going to share some condensed expectations on the expectations for 2025.
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PROPERTY: Continues to be shaky, but the Texas market is softening overall with many carriers expected to reenter the coastal Texas market in 2025. However, with this year’s storm activity & wildfires burning wild across numerous states, many of those carriers have delayed their roll out dates to further assess and evaluate their offerings.
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CASUALTY: To keep this one short. Verdict: Lawyers – WIN – Insurers/Insureds – LOSE. Due to a dramatic increase in casualty claims frequency & severity, the casualty markets are repositioning themselves for a potentially aggressive push into 2025. Customers with good claims experience will be in a strategic position to capitalize on their position as a desirable client.
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REAL ESTATE: Property carriers are slowly licking their wounds, and returning to the battlefield, but the GL carriers that have taken a bath have become the most challenging placement in this space.
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TRANSPORTATION/AUTO: If you drive down any major highway in Texas, you likely know 10+ lawyers you can call to sue your fellow driver. This is a basic explanation for the auto markets performance. (Note: TX Billboards are expensive, Lawyers can only market like that if they are making A LOT OF MONEY.)
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CONSTRUCTION: We are seeing the rise of construction defect claims making big headlines across the nation. Many carriers are tightening their underwriting guidelines to only take on best in class tenured risks with seasoned risk management practices. (Many contractors will continue to see their customer’s insurance requirements require additional coverages and requirements because of the activity in this arena.)
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As we prepare for 2025, communicating the nuances of an ever-changing market remains a challenge. Some industries are seeing a competitive rate environment and better underwriting conditions, while others are contending with the exact opposite. So, if you ever have any questions – please don’t hesitate to reach out to our team & we will be happy to help in any way we can.
I hope you all have a Merry Christmas, and here is to an even better 2025!
