Hard Market FAQ

After decades of low premiums and abundant capacity - their willingness to accept new or increased risk –  the insurance market is experiencing a hard market. This is when premiums increase, coverage terms are restricted, and competition for most types of insurance decreases; in other words, insurance is getting more expensive and harder to find. A hard market can lead to a ton of questions. Let’s look at a few and go over the answers. What is a “hard market” in insurance? A hard market means insurance companies are raising rates and restricting [...]

2024-02-06T16:43:12+00:00February 6th, 2024|

Hard Market 101

You’ve already heard about how inflation is affecting everything, including insurance premiums and claims. Rates are rising and insurance is becoming harder to get. This situation is what we in the insurance industry refer to as a “hard market.” What causes a hard market? Hard markets are caused by many factors, these can include increased underwriting loss – a loss made by an insurance company in a particular period- , increases in natural disaster claims, increased litigation costs, and increased economic challenges. All of these factors make it more expensive for insurance companies [...]

2024-02-06T16:37:43+00:00February 6th, 2024|

Commitment To Community

  When Max Gannon started Gannon Associates Insurance in 1973, he founded the company on three pillars, provide insurance excellence to our clients, dedication to customer service, and a profound commitment to the communities where we live and work. Because of our commitment to our customers, the agency has grown and expanded its footprint from one office in Towanda to ten offices in Pennsylvania and New York. As the agency grew, it afforded us the opportunity to become more involved in new communities and take an active interest in organizations that support those [...]

2023-12-22T18:42:32+00:00December 22nd, 2023|

AI and Insurance

Technology is ever-evolving and one of the newest on the scene is Artificial Intelligence Technology (AI).  This technology is the simulation of human intelligence in machines and has a number of different uses. From self-driving cars and aiding in medical procedures to writing songs and making art, AI is revolutionizing many industries. Unfortunately,  with the positive side of technology comes the bad, and cybercriminals have begun to take advantage of this unprecedented technology. Cybercriminals are spoofing individual’s voices, using them to create messages full of urgency and distress, such as a car accident [...]

2023-08-31T18:15:36+00:00September 17th, 2023|

Keep Your Life Insurance When You Retire

Do you need a life insurance policy in retirement? Some people might say no. After all, the kids are grown, and the need to financially insulate the household against catastrophe has somewhat passed. But if you're thinking about dropping your coverage for either of those reasons, you may also want to consider some excellent reasons to retain, obtain, or convert a life insurance policy after you retire. Could you make use of your policy's cash value? If you have a whole life policy, you might want to utilize that cash in response to [...]

2023-09-12T19:47:56+00:00September 12th, 2023|

Why should you consider disability critical illness and accident insruance?

Why should you consider disability, critical illness, and accident insurance?   When looking at disability, critical illness, or accident coverage there seems to be a disconnect between the perceived likelihood of an event occurring and concern over the financial impact of an insurable risk. One might feel motivated to only purchase insurance they feel is needed or required because of this, such as home, auto, and health. However, you want to make sure you are covered in all aspects of your life. Take a look at Disability, Critical Illness, and Accident Insurance to [...]

2023-09-12T19:44:24+00:00September 12th, 2023|

Life Stages That Impact Your Life Insurance Needs

Did you know that your life insurance needs vary as your life changes? Most people understand that having life insurance is part of a responsible financial plan, but they are not aware that their needs will continue changing. Once you have found a plan that meets your needs and gives you peace of mind, it is important to reevaluate it occasionally as your life insurance needs fluctuate throughout different life stages. Consider the following five different life stages and how they can impact your life insurance needs. 1. Marriage Getting married is a [...]

2023-09-12T19:36:41+00:00September 12th, 2023|

Gannon Associates Insurance And DGK Insurance Working Together To Serve Our Communities

Across all types of business, consolidation is a common theme, large companies from outside our region are taking over small local businesses. The insurance industry is not immune to this trend, companies from big cities across the country are swooping in purchasing local independent agents in our hometowns. Although these businesses have every intention of staying the same, when large companies from far away dictate how they operate, it can be difficult not to change. Both Gannon Associates Insurance and DGK Insurance recognize this trend and want to continue to serve our communities [...]

2023-08-03T17:31:08+00:00August 3rd, 2023|

Standalone Cyber Insurance: What Is It and Why Do You Need It?

In today’s ever-evolving digital world, the risk to your data security and privacy grows. When a cyber-attack happens, it can take weeks or months to recover, impacting your business operations and bottom line tremendously. Cyber insurance is one of the best ways to protect your business from the financial hardships caused by cyber-attacks. Cyber liability insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues. When it comes to cyber insurance there are several ways a [...]

2023-05-31T15:54:59+00:00May 31st, 2023|

Short Term Rental Property Insurance Needs

Vacation season in the northeast is approaching and for those who own investment properties, it means business is picking up. Services like Airbnb and VRBO are very popular ways to vacation and travel these days, with many investors buying homes in popular destinations to rent out. Some people are even utilizing their own homes to temporarily rent out for extra income. As the owner of one of these investment properties or the homeowner who rents out their home, you need to be careful when it comes to your insurance coverage! Insurance for these [...]

2023-04-28T14:48:24+00:00May 21st, 2023|
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