2024 has been a year of both opportunities and challenges, marked by significant demographic shifts, economic growth, and evolving risks across Virginia.
This year, we’re reflecting on how these developments influenced personal lines, commercial lines, and employee benefits, coupled with our solutions to current trends.
Whether you’re a business owner, professional, or a neighbor here in Roanoke, this reflection is designed to equip you with the knowledge and confidence to navigate 2025 with HAWK.
| Personal Lines Insurance: Rising Costs and Tailored Protection
For Virginia residents, personal insurance – home, auto, life, farm, etc. – has been heavily impacted by extreme weather and rising costs, resulting in fewer options and higher price tags on premiums. According to reports, the outlook for homeowner’s insurance remains negative going into the New Year.
Key Developments in 2024:
- Auto Insurance Rates Are Going ⬆️: Rising vehicle repair costs, higher medical expenses, and more frequent severe weather events are driving up auto premiums across the state.
- Fact: Auto insurance rates in Virginia increased by an average of 7% in 2023 and are projected to continue rising in 2024.
- Our Solution: Drivers can mitigate costs by bundling policies, maintaining good credit, and exploring usage-based insurance programs.
- Home Insurance Faces Challenges from Climate Risk 🏠: Homeowners in Virginia are feeling the impact of extreme weather. Windstorms, flooding, and wildfires have led to more claims and stricter underwriting standards.
- Fact: A recent study shows that 20% of homeowners in Virginia still lack adequate flood coverage, despite increasing risks.
- Our Solution: Get the conversation started with a HAWK Advisers to learn about your flood coverage options!
| Commercial Lines Insurance: A Thriving Economy for All
As Virginia’s economy continues to grow, so does the national sector for commercial lines insurance. Though challenges persist, such as elevated casualty claims, high property claims cost, and general uncertainties related to political developments, the sector’s resilience proves profitable and is estimated to yield favorable results for both insurers and insured alike.
Key Developments in 2024:
- Cyber Liability Insurance Is Now a Necessity 💾: Cyberattacks on small and mid-sized businesses have surged, with Virginia seeing a 15% increase in ransomware attacks in 2023.
- Fact: The average cost of a data breach in Virginia is $4.6 million, according to a recent cybersecurity report.
- Our Solution: Cyber liability insurance. This coverage is a must-have for businesses, protecting against data breaches and regulatory fines.
- Liquor Liability Insurance 🍾: Rising costs of liquor liability insurance is a significant concern for businesses that sell and serve alcohol. Regions reporting increases in claims, legislative requirements, and higher alcohol related incidents are facing a shrinking pool of insurance providers.
- Fact: Liquor liability premiums are expected to continue to rise in 2025. Some businesses could see limitations on coverage, capacity, and annual premium increases in excess of 50%
- Our Solution: Discuss proactive risk mitigation strategies and recommendations for staff training, documentation, video surveillance, and ride sharing.
| Employee Benefits: Supporting Workforce Wellbeing
Virginia’s low unemployment rate and competitive job market make employee benefits a key factor in attracting and retaining talent. In Roanoke, where healthcare and education are leading employers, benefits packages are becoming more diverse and employee-centric.
Key Developments in 2024:
- Health Insurance Costs Continue to Rise 📈: Group health premiums in Virginia are expected to increase by 6% in 2024.
- Fact: A Kaiser Family Foundation study shows that 58% of small businesses in Virginia offer health benefits, compared to the national average of 47%.
- Our Solution: Explore creative solutions, like high-deductible plans paired with health savings accounts (HSAs).
- Digital Innovations and Benefits Technology 💻: Digital solutions like telehealth and benefits platforms became standard, offering employees easier access to resources while helping employers streamline administration and manage costs.
| Why Choose HAWK?
As an independent insurance agency located in Downtown Roanoke, we offer something that national carriers can’t: a deep understanding of our community and their needs.
We live and work here, so we know what matters most to our neighbors and business owners. Whether it’s navigating flood maps or tailoring benefits for a growing team, our goal is to provide expert guidance with a personal touch.
| Looking Ahead
2024 has been a year of change and opportunity. Understanding the trends shaping Virginia’s insurance market can help you make informed decisions. Whether you’re a Roanoke resident or a business owner, we’re here to navigate the road ahead—together.
Let’s connect and find the coverage that’s right for you!
Recent Comments