For several years, almost every line of insurance has been plagued by rising claims costs and resulting rate increases. The property and casualty industry faced profitability challenges pre-pandemic that have continued for the past two plus years. Add to that the rapid spikes in inflation and continued increased costs of goods and services and you get continued rising rate market expectations for 2023.
The COVID-19 pandemic has forever changed the manner for which healthcare is administered and delivered. When coupling the lingering effects of the pandemic with a very tight labor market, employers face challenges with finding a delicate balance between what they need to offer to attract and retain talent versus the challenges of the current inflationary economic environment.
The insurance landscape is complex and while our predictions contained within the 2023 Budget Planning Guide are based on expert research, they are subject to change. The team of risk and insurance professionals at Sentinel diligently monitors the insurance market throughout the year to keep you informed of conditions that may affect your operations.
James L. Holmes, Jr., CPA