Changing Insurance Landscape
BISMARCK, ND — The insurance industry is undergoing significant changes, affecting consumers across the board. Brennan Quintus, President and CEO of Bravera Insurance, sheds light on the evolving marketplace and what to expect in the near future.
“Everybody’s experiencing some changes in rates and terms,” Quintus said. “It’s really caused by, in simple terms, loss of activity. Insurance carriers have experienced a significant uptick in loss activity over the last few years.”
The impact is widespread, even for those without personal claims. “The insurance industry is just a big web,” Quintus explained. “Insurance companies participate in risk together — it’s called reinsurance. So even though you might not have a loss, the industry as a whole has seen an uptick in loss activity.”
To navigate these challenges, Quintus recommends regular policy reviews. “It’s important to have at least once a year, but likely more often than that, a visit with your insurance professional,” he advised. “If you’ve had any home updates or vehicle changes, those are reflected within your insurance rating.”
For businesses, underwriting has become more subjective. “We’re your advocate within the marketplace,” Quintus said. “The more we understand your operations and your risk profile and your appetite for risk, we can then better position you within the marketplace and have those conversations with underwriters to get you the best possible rates and terms for your coverage.”
Looking ahead, there’s cautious optimism. “We’re starting to see what we call softening within the reinsurance space,” Quintus noted. “That’ll trickle down to our retail consumers; we should see some softening of rates and terms, particularly within the property marketplace.”
However, new challenges are emerging. “We’re starting to now see a hardening market for liability insurance,” Quintus warned. “There’s a concept called nuclear verdicts — verdicts in excess of $10 million. It’ll likely balance itself out.”
Quintus encourages consumers to remain proactive and informed. “Insurance is very cyclical,” he said. “Understanding what’s happening in the market can help you better protect your future.”
Bravera Insurance offers various insurance options, including home, farm and ranch, commercial, and health insurance. Consumers can learn more about these options on their website.
