Happy Wednesday! In this week's Big I Buzz, we are discussing a few takeaways from our 2023-Q3 Quarterly P&C Marketplace Summary and the top causes of travel insurance claims in 2023. 

Takeaways from the 2023-Q3 Quarterly P & C Marketplace Summary: 

Paul A. Buse from Real Insurance Solutions Consulting has pulled some of the takeaways from this quarter's report, "

• The data shows market conditions are firm, but "increases to the increases" have paused in some states. At an average of over 10.2% premium change across the United States, it certainly was a Q3 accurately described as "hard". 

• Lines of business that were the most "hard" are generally property related, and again include Fire and Homeowners. And this quarter, Automobile lines premium growth rates increased. Two lines of business of note shrank in premiums, compared to the same quarter as last year. One is Other Liability Claims-Made. The other is Commercial Multiple Peril. Other Liability Claims-Made premiums continue to decrease after past years of premium increases. Commercial Multiple Peril may be a one-time event, but only time will tell. 

• Consistent with last quarter, Surety premium growth continues to be strong."

Check out the full marketplace report here. IIAW members can access this report for free. 

Top Causes of Travel Insurance Claims in 2023

According to Property Casualty 360, increased travel comes the increased likelihood of travel insurance claims. Here's the list of top causes of travel insurance claims in 2023, "

No. 7: Lost possession while in insured's care: percentage of claimants is 16%

No. 6: Costs incurred because of travel company (travel agent, tour company, etc.): Percentage of claimants is 17%

No. 5: Damaged possessions: percentage of claimants is 18%

No. 4: Lost possessions during transport: percentage of claimants is 21%

No. 3: Transport delays: percentage of claimants is 25%

No. 2: Cancellation: percentage of claimants is 27%

No. 1: Medical costs: percentage of claimants is 28%

Read the full article here. 

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