Texas Cold Crisis: Insurance Options for Severe Weather Disruption

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.