Scott Honer Discusses How Natural Disasters Affect the Property Market in Insurance Thought Leadership Article

Property insurance premiums are skyrocketing in the face of increasingly severe natural disasters, with some carriers pulling out of troubled regions entirely. How will the challenge of a deteriorating climate affect the insurance industry in the years ahead?

The frequency and severity of natural disasters has experienced a sigificiant increase in recent years. In a guest essay for Insurance Thought Leadership magazine, OneDigital Senior Loss Control Consultant Scott Honer examines this problem from a data-driven perspective and discusses how insurance markets are adapting to the new normal.

In addition to climactic woes, Scott’s analysis covers negative macroeconomic, financial, and labor market trends that have also contributed to worsening market conditions:

The combination of a lackluster economy, workforce shortages, and escalating material costs has put commercial property owners in an unenviable position. Insurance strategies that would have been conservative in 2018 have been rendered prudent by the challenging property market of 2024.
 
— Scott Honer, Senior Loss Control Consultant, OneDigital Property & Casualty Insurance

You can read the full article in Insurance Thought Leadership here.

For more information on developments in the Property and Casualty landscape, check out the Weathering New Storms: 5 Property and Casualty Market Insights for Employers whitepaper.