As many readers will know, cannabis use, plus growth and retailing on a commercial scale is legal in several US States. It may well be an opportunity that comes along in the UK, depending on the next GE in late 2024. Here’s some news from Amwins, who have been studying the trends in this niche.
Amwins, a global distributor of specialty insurance products and services, released their State of the Market Cannabis report, providing up-to-date market intelligence on pricing, capacity and coverage trends across the cannabis insurance market.
Amwins’ State of the Market Report: A Focus on the Cannabis Market examines how the sector continues to develop as insurance providers refine their offerings to meet the unique needs and challenges being presented. The report also serves as a valuable tool for retail agents and brokers, sharing the insights and guidance necessary to traverse current market conditions with confidence.
“The cannabis market is gradually maturing as the industry continues to evolve,” says Norman Ives, executive vice president of Amwins Brokerage in Seattle, WA. “As more states legalize cannabis, insurance providers are likely to further cultivate their offerings, expand coverage options and adjust premiums to accommodate unique risks.”
In today’s hard market, the biggest value retail brokers bring to the cannabis operator is helping them understand their insurance coverage holistically and on a deeper level, including the degree of their risk exposure and tolerance.
“From a general capacity standpoint, more carriers are entering the cannabis space with newer MGAs targeting small to mid-sized operators in a more standard and transactional underwriting style,” says Jeff Katz, vice president and property broker with Amwins Brokerage in Kansas City, MO. “It’s important to consider all options and make an informed decision on which package option best fits your client’s needs.”
To read the full report, please visit: Amwins State of The Market Report 2023: A Focus on the Cannabis Market.
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