2022 Insurance Outlook

As another unexpected, unpredictable year draws to a close, it’s a great time to do a little insurance housekeeping. For homeowners and businesspeople, a quick lessons-learned, a look forward to 2022 and a short to-do list will help you prepare for whatever the new year has in store:

2021 In The Rearview

• Once again, COVID-19 continued to impact nearly every aspect of our lives. The ongoing pandemic has accelerated digital transformation across all business segments, insurance included. Consumer expectations for seamless access have exposed the need for convenience, customization and portability.
• Conversely, two years of remote work has left consumers seeking more customer-centric solutions and greater levels of human touch. Endless interactive voice response loops and faceless websites no longer suffice for “customer service.”
• Climate change is fundamentally altering how underwriters approach their business. Lack of certainty in the weather and its effect on human activity are driving greater risk scrutiny as well as increased underwriting adaptability.

Implications for the New Year

• Consumers can expect a wider range of coverage options as carriers seek to win their business. This includes greater portability, access and customization.
• Data-driven underwriting moves squarely to the forefront. This bodes well for both the consumer and the carrier, as premiums will more accurately reflect actual risk.
• Continued reevaluation of the properties, businesses and processes most affected by climate change. Expect some carriers to opt-out of higher risk coverage entirely.

So how do we best adapt to these changes and an ever-evolving insurance landscape?  Start with a:

Short To-Do List:

1. For business owners, review all aspects of your operations’ coverage, from general liability to vehicle to umbrella insurance. Pay special attention to documenting your Workers’ Compensation activity throughout the year as increased competition for your business puts the well-prepared in an enviable spot when 3rd quarter policy renewal negotiations start.
2. Individuals and their families should reevaluate coverage limits, taking into consideration any home improvements, new valuable personal property or vehicle purchases you may have made during the pandemic. Keep in mind that FEMA has recently redrawn the National Flood Insurance maps so be sure to ask about adequate coverage if your primary residence or vacation home is in a high-risk area.
3. Let Oakbridge help navigate what seems like constant change in your insurance coverage. We live and work in the communities we serve. Oakbridge understands first-hand the challenges you may face. Decades of experience mean we know the markets and work hard to provide the highest value for our customers.

Bottom Line:

Policyholders have the upper hand when choosing the right plan for their personal or business needs. Increased competition from carriers puts the ball squarely in the court of the insured. Oakbridge is built on personalized service and lasting relationships. Our staff of dedicated professionals will help optimize your premium for the highest value coverage possible.

For nearly a century, we’ve put relationships first – deeply rooted across the Southeast.