James Kirsh expects the cost of property and casualty insurance for his family-owned foundry in Wisconsin to double or even triple due to insurers like Acuity no longer wanting to cover factories handling molten metal.
Insurers are becoming more selective in covering high-risk operations like manufacturing due to dangerous materials, accidents, and fires, leading to significant increases in insurance premiums, especially for smaller manufacturers.
Insurance coverage for all types of businesses has risen by around 12% since the beginning of 2022, driven by factors such as rising costs of repairs, storm damage, and more accidents in the manufacturing sector.
#property-and-casualty-insurance #manufacturing-industry #insurance-premiums #rising-costs #risk-assessment
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