Commercial Property Customers Cutting Insurance Corners Despite Risk

As weather-driven catastrophes become more common and severe, commercial property owners and the agents who serve them are reassessing risks and coverage to get more build for their buck.The new Nationwide Agency Forward Commercial Lines Protection Survey surveyed commercial property stakeholders about what they’ve experienced in the last five years and how those lessons impact today’s insurance decisions.Catastrophes Hit 1/3 of Commercial PropertyNationally, roughly one-third of commercial property owners have suffered damage from a natural disaster in the last five years; this rises to more than half in wildfire-risk states and almost two-thirds in hurricane-risk states.Among insurance agents, severe weather risk concern has risen since 2023—especially in states most prone to wildfires and hurricanes—with 74% either “very concerned” or “extremely concerned,” up five percentage points since 2023.Overall, the number of agents and stakeholders who were very/extremely concerned was the h...