Wildfires & Commercial Property Rates — Look for Huge Hikes in 2022

Risk Placement Services (RPS) issued a report last week on commercial property and wildfires. The report predicts average increases for commercial property insurance buyers of 10% to 20% in 2022.

RPS said the terms and conditions in those policies will look a lot different than current policies.

In its predictions, RPS said excess and surplus lines capacity will likely shrink in wildfire-prone markets in California and the Pacific Northwest. E&S insurers have been ridding themselves of worrisome risks. In other cases, those same insurers have raised rates, restricted coverage limits and adjusted the terms of policies.

Source link: Business Insurance

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