Top 3 Trending Insurance Issues Facing People in 2024
As we move through 2024, insurance trends are shifting in response to evolving risks, market conditions, and consumer needs. Whether you’re managing personal finances or securing your family’s future, these top three trending issues can have a big impact on how people interact with insurance this year.
- Rising Costs of Health Insurance
Health insurance premiums continue to rise, with inflation and increasing healthcare costs being major contributors. For many individuals and families, finding affordable coverage has become increasingly challenging. Factors such as advances in medical technology, higher prescription drug costs, and more frequent claims are driving up premiums.
What Can You Do?
- Consider high-deductible health plans combined with health savings accounts (HSAs) to manage costs.
- Stay informed during open enrollment periods to ensure you are getting the best deal available.
- Take advantage of wellness programs or incentives offered by insurers to reduce premiums.
- Underinsurance and the Increase in Liability Judgments
Personal and business liability judgments are climbing to record highs, leaving many people dangerously underinsured. As litigation becomes more frequent and settlement amounts increase, many are finding that standard insurance policies may not provide adequate coverage, especially when facing large claims or lawsuits.
What Can You Do?
- Review your current liability coverage to ensure it meets your needs.
- Consider adding personal umbrella insurance or increasing the liability limits on existing policies to protect yourself from costly legal judgments.
- Small business owners should reevaluate their business liability policies, ensuring that they have sufficient protection against lawsuits.
- Cybersecurity Threats and the Need for Cyber Insurance
With more personal data stored online and an increase in cybercrime, individuals and businesses alike are recognizing the importance of cyber insurance. Whether it’s protecting personal identities or safeguarding sensitive business information, cyber insurance has become a growing need as cyberattacks are expected to rise throughout 2024.
What Can You Do?
- Look into personal identity theft protection or cyber liability policies to cover potential losses from hacking, fraud, or data breaches.
- For business owners, it is crucial to ensure that your cyber insurance policy covers ransomware attacks, data restoration costs, and legal liabilities.
- Implement stronger cybersecurity practices, such as multi-factor authentication and regular software updates, to mitigate risks.
Staying ahead of these trending insurance issues can help you make better decisions and ensure you have the right protection in place. Whether it’s navigating rising health costs, securing adequate liability coverage, or safeguarding against cyber threats, 2024 is the year to review your insurance policies and ensure you’re prepared for the future.
