How many insurance carriers are in the cannabis industry today (January 2018)?

1/9/2018 7:25:47 PM,
JB Woods replied:

Hello:

Thank you for your good, but difficult question to answer due to a dynamic marketplace exist with insurance.  The cannabis insurance industry can be rather volatile and subject to change.  For example and most recently, Evanston Insurance Company has decided to exit the cannabis industry. 

These numbers are approximately based on line of business insurance:

Commercial Liability and Property:  8 to 10 Insurance Carriers

Product Liaibility:  3 to 5 Insurance Carriers

Directors and Officers:  2 to maybe 3 Insurance Carriers

Professional Liability:  2 to maybe 3 insurance Carriers

Other--EPLI, Cyber, IP, Professional, Etc..:  1 to 2 Insurance Carriers

Workers Compensation:  Each state has their own requirements.  But, outside of assigned risks pools maybe 2 Insurance Carriers

Commercial Automobile:  1 o 2 Insurance Carriers

As you can see, the number of insurance carriers for commercial liability and property are higher in number as opposed to more specialized types of products such as D&O.  The greater number of insurance carriers offering a line of coverage typically means the risk is more acceptable as opposed to the other lines of coverage where risk is considered to be greater.

Thank you for the question

JB Woods

Greenpoint Insurance Advisors, LLC

 

1/9/2018 7:25:47 PM,
JB Woods replied:

Hello:

Thank you for your good, but difficult question to answer due to a dynamic marketplace exist with insurance.  The cannabis insurance industry can be rather volatile and subject to change.  For example and most recently, Evanston Insurance Company has decided to exit the cannabis industry. 

These numbers are approximately based on line of business insurance:

Commercial Liability and Property:  8 to 10 Insurance Carriers

Product Liaibility:  3 to 5 Insurance Carriers

Directors and Officers:  2 to maybe 3 Insurance Carriers

Professional Liability:  2 to maybe 3 insurance Carriers

Other--EPLI, Cyber, IP, Professional, Etc..:  1 to 2 Insurance Carriers

Workers Compensation:  Each state has their own requirements.  But, outside of assigned risks pools maybe 2 Insurance Carriers

Commercial Automobile:  1 o 2 Insurance Carriers

As you can see, the number of insurance carriers for commercial liability and property are higher in number as opposed to more specialized types of products such as D&O.  The greater number of insurance carriers offering a line of coverage typically means the risk is more acceptable as opposed to the other lines of coverage where risk is considered to be greater.

Thank you for the question

JB Woods

Greenpoint Insurance Advisors, LLC