Kyle Sternadori from Navigators, a part of The Hartford, recently shared his thoughts on how to handle both hard and soft insurance markets. In a chat featured on Insurance Business TV, he talked about what companies should keep in mind during tough market times, the gaps in protection that often arise, and regions heavily affected by natural disasters.
Sternadori’s insights highlight the challenges insurers face when market conditions shift. Hard markets usually mean higher premiums and stricter underwriting, making it harder for some businesses to get the coverage they need. On the other hand, soft markets often bring lower prices but can encourage underinsurance or gaps in protection. Sternadori emphasizes that understanding these shifts is key to finding the best approach for clients.
He also points out the importance of closing protection gaps. Many areas that frequently experience catastrophic events often see insufficient coverage. Addressing this issue requires collaboration between insurers, brokers, and customers to ensure risks are adequately covered.
This conversation is part of a larger series of discussions on Insurance Business TV, where experts talk about a range of topics affecting the insurance world today. Some recent topics include using AI in insurance, demonstrating value during difficult times, adjusting to catastrophic events, and how brokers can explain rising prices to clients.
Sternadori’s take is a helpful reminder that markets fluctuate, and insurance professionals need to stay flexible while focusing on client needs. By paying attention to market signals and gaps, the industry can better protect people and businesses through all kinds of challenges.