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2023 State of the Market Mid-Year Report
By Burnham
Burnham BRP_State-of-the-Market_2023

In an era defined by economic rollercoasters, workforce upheavals, climate crises, geopolitical tensions, and legal battlegrounds, one thing is clear: we live in the age of the unexpected. The stage is set for volatility to be the new norm, and now, more than ever, we must prepare for the unforeseen.

Even insurance companies, the guardians of stability, are grappling with and adapting to the seismic shifts reshaping our world. As we journey into 2023, the landscape of property and casualty (P&C) insurance and employee benefits is being reshaped, molding coverage terms, deductibles, and premiums in ways that ripple through the financial resilience of organizations and individuals, testing their ability to withstand ongoing turmoil. In the realm of employee benefits, employers are navigating the treacherous waters of soaring healthcare costs while striving to meet the soaring expectations of their workforce.

In our State of the Market report, we delve into the dynamic landscape of challenges and trends impacting businesses, individuals, and the insurance industry. Our expedition navigates the uncharted waters of emerging patterns and potential risks, all while shining a light on strategies and solutions that will equip you to master risk mitigation and realize your aspirations.

This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. Baldwin Risk Partners, LLC (“BRP”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. BRP does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, BRP does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

Baldwin Risk Partners, LLC offers insurance services through one or more of its insurance licensed entities. Each of the entities may be known by one or more of the logos displayed; all insurance commerce is only conducted through BRP insurance licensed entities. This material is not an offer to sell insurance.