Insurance experts often examine how outside influences and trends affect the insurance marketplace, and businesses should follow suit to determine what factors may impact their insurance coverage. For 2023, the following sweeping market developments must be considered:
- Labor shortages
- Supply chain disruptions
- Inflation issues
- Recession risks
- Social inflation concerns
- Extreme weather events
- Geopolitical conflicts
It is essential for businesses to take a proactive approach to bolster their risk management efforts and secure adequate coverage during this time. Especially amid an evolving risk environment, businesses should focus on addressing the factors they can control.
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