The commercial property insurance market has continued to harden in recent years. In fact, global property insurance prices rose 6% in Q3 of 2022, according to insurance broking and risk management company Marsh. This trend may persist as both insurers and policyholders grapple with rising inflation and economic pressures in 2023. Additionally, climate change will continue to be a factor. According to the Association of British Insurers, the storms Dudley, Eunice and Franklin cost insurers an estimated £500 million last year. Such pressures may increase premiums or cause policy terms to become more restrictive, some of which has already been seen in the market.
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