The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.
CYBER REDY INDEX - JUNE 2021
MONTHLY RENEWAL RATE ANALYSIS
Results displayed above reflect average CRC Group Cyber renewal pricing changes by month (over the previous 13 months). Results are limited to brokerage accounts that renewed in the same month as the prior year with the same total account limits. To remove outliers, the top and bottom 1% of accounts by YoY % change have been removed, as well as the top and bottom 1% of accounts by rate online (Premium/Limit*100). The REDY Index is intended for educational purposes only as individual accounts typically differ from average pricing trends.
CYBER EMERGING ISSUES
- Underwriters are requiring a completed Ransomware application and fully implemented cybersecurity measures before binding new and renewal accounts. Acceptable cybersecurity measures include a backup solution (disconnected or segregated from your network), next-generation anti-virus protection with endpoint detection & response, email filtering solutions, multi-factor authentication for remote network access.
- Difficult cyber classes include healthcare, real estate, collection agents, title/escrow, municipalities, schools, and any risk with a high number of PII or PHI records.
- Watch out for ransomware (extortion) sublimits including co-insurance, social engineering callback requirements, cybercrime that excludes third-party funds (escrowed), short periods of restoration, or indemnity from business income and/or reputational harm related losses.