Property Insurance Faces Big Changes in 2023, Insurance Broker Says

“Fires and storms made 2022 one of the most costly years to the insurance industry, leading to the failure of several companies across the country,” says Karl Susman (opens in new tab), a Los Angeles-based insurance broker. “Unlike ‘what happens in Vegas stays in Vegas,’ where property insurance is concerned, what happens anywhere across the country has the potential to impact the rates that we all pay for coverage.”

A longtime friend of this column, Susman has been an insurance broker for over 30 years, holds a master’s degree in insurance management from Columbia University and serves as an expert witness in lawsuits involving coverage and agent malpractice issues.

Rates Increasing, and Some Important Coverages Being Trimmed

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