To stand out in today’s rapidly evolving property and casualty (P&C) insurance landscape, brokers must adopt a more strategic, consultative role beyond securing policies. Key challenges include rising premiums due to severe weather, economic uncertainty, and inflation, with some sectors experiencing premium hikes over 20% in 2023.

Group captives are collaborative insurance models where businesses pool resources to cover common risks like auto liability, workers’ compensation, and general liability. While they offer benefits such as shared risk and potential cost savings, they may not address all of a company’s unique exposures.

Product recalls, once rare, have become a constant threat, with nearly 2,500 recalls reported in the U.S. by November 2024. These events, often triggered by issues like labeling errors, production flaws, or undisclosed allergens, can severely impact a company’s finances and reputation.

In September 2024, Tropical Storm Helene struck Western North Carolina and Eastern Tennessee, causing widespread devastation and completely submerging iconic areas such as Asheville’s Art District and Biltmore Village under floodwaters.

The year 2024 was a pivotal moment for U.S. businesses, exposing them to a range of risks, including economic pressures, geopolitical tensions, supply chain disruptions, regulatory changes, and cybersecurity threats. Businesses that proactively planned, diversified operations, and invested in technology and workforce training fared better.