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As we prepare ourselves for the upcoming new year, it is important to look ahead to potential opportunities in the Insurance Industry. Insurance Journal recently revealed their Industry Trends to Exploit for 2024.
Some 2024 trends we will be watching closely:
- AI Transformation: With the dramatic rise of artificial intelligence in all markets/industries, AI will play a huge role in how the Insurance Market operates as it shifts more towards a customer centric approach of operation.
- Higher Rates: The commercial lines market will see increases around 8.8%. Additionally as the economy changes, we can expect the catastrophic reinsurance rates to change, projecting to grow roughly 15% in 2024.
- Health Benefits: Both personal and group benefits/health plans are becoming more popular in the industry with more personalized employee benefits programs created directly for the consumer. As these plans are still affected by the insurance industry market, there are options on cutting costs and making these group benefit plans more appealing to consumers.
These are only a few of the many factors that will affect the Insurance Industry in the upcoming new year. Remember to stay ahead of the game and adapt to the new trends/market changes.
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County