Weathering the Storm: Navigating the 2023 Insurance Hard Market in New Hampshire

As your dedicated insurance agents at Portsmouth Atlantic Insurance, we take pride in keeping you informed about the latest developments in the insurance industry. Today, we would like to discuss the current state of the insurance market and its impact on insurance premiums for our valued New Hampshire residents.

The Insurance Hard Market – An Overview

In 2023, we find ourselves amidst a prolonged “hard market” in the insurance industry. This cycle is characterized by reduced capacity, stricter underwriting standards, and higher premiums for policyholders. It’s important to understand the driving factors behind this market condition and how it may affect your insurance costs.

Impact on New Hampshire Insurance Premiums

At Portsmouth Atlantic Insurance, we understand that insurance premiums are a significant consideration for our clients. Let’s explore how the hard market is influencing insurance premiums for New Hampshire residents across various lines of coverage:

1. Property Insurance:

New Hampshire’s picturesque landscapes come with their share of risks. Severe weather events, such as hurricanes and winter storms, can lead to property damage and increased insurance claims. As a result, insurance carriers have adjusted their underwriting guidelines, leading to higher premiums for homeowners, particularly those living in high-risk areas. It’s crucial for homeowners to assess their coverage needs and ensure they have adequate protection for their most valuable asset – their homes.

2. Auto Insurance:

Despite New Hampshire not mandating auto liability insurance for all drivers, many residents choose to carry coverage for their vehicles. However, the rising number of traffic accidents and increasing medical costs have driven up insurance claims expenses. This, in turn, has resulted in higher auto insurance premiums for policyholders. We recommend reviewing your auto insurance policy to ensure you have the necessary coverage while exploring potential cost-saving measures.

3. Strategies to Navigate the Hard Market:

In times of a hard market, our priority at Portsmouth Atlantic Insurance is to assist you in making informed insurance decisions. Here are some strategies to help you navigate the 2023 hard market effectively:

a. Risk Mitigation: Taking proactive measures to reduce risks can positively impact your insurance premiums. Installing security systems, implementing safety measures, and preparing for potential hazards can demonstrate to insurers that you are a responsible policyholder.

b. Policy Review: Schedule a policy review with our experienced agents to ensure your coverage aligns with your current needs and risk tolerance. We can identify potential adjustments that may help mitigate premium increases.

c. Explore Discounts: As an independent insurance agency, we have access to multiple insurance carriers. This enables us to explore available discounts and find the best coverage options at competitive rates.

d. Loyalty and Bundling: Staying loyal to your insurance carrier and bundling multiple policies together can often lead to cost-saving benefits. We can help you explore loyalty programs and bundling options to maximize your savings.

e. Maintain Good Credit: A strong credit history can positively impact your insurance premiums. Maintaining good credit demonstrates financial responsibility and may lead to lower rates from certain carriers.

At Portsmouth Atlantic Insurance, we are committed to providing you with exceptional service and the guidance you need to navigate the ever-changing insurance landscape. Please do not hesitate to reach out to us with any questions or concerns you may have. Your peace of mind and financial protection are our top priorities.

Thank you for your continued trust in us as your insurance advisors. We look forward to assisting you in securing the best possible insurance coverage for your needs.


The Team at Portsmouth Atlantic Insurance

Contact Us today for Auto and Home solutions and learn more about how we can help. Give us a call at 603-431-4020, email at or fill out the form on this page to get started.

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