2023 US P&C market to resemble 2022, except property: Gallagher
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2023 US P&C market to resemble 2022, except property: Gallagher

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While the US P&C insurance market in 2023 will likely resemble 2022 in many ways, there some notable exceptions – namely property, as carriers address exposure to catastrophe losses, higher reinsurance costs, macroeconomic factors and inflation, according to a recent report by Gallagher.

“Property carriers will continue to focus on valuation issues (including business income) on all risks, and we expect a deterioration in market conditions on cat property, especially wind-exposed programs,” the brokerage’s March 2023 Insurance Market Report reads.

The

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