Property Insurance Expert Predicts Rates Will Continue to Rise in 2021: Renee Belgarde with IBA

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Worldwide Facilities’ Renee Belgarde spoke with Insurance Business America about the recent rise in Property rates throughout the marketplace, which has introduced challenges for retail agents and insureds who are navigating this space.

“The larger, more consistent rate increases began in 2019, and gained momentum in the second and third quarters of 2020, with average rate increases slowing a bit in the fourth quarter of 2020,” said Belgarde, Senior Vice President.

Over the past 12 months, the pandemic has added fuel to the fire, piling problems on to a market that had already been under pressure for some time due to natural catastrophes. However, noted Belgarde, COVID-related losses are only one piece of the puzzle when it comes to determining the culprits in this hard property market.

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