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Property REDY® Index April 2023

Property REDY REDY Index REDY-Index

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.

 

PROPERTY REDY® INDEX - April 2023
MONTHLY RENEWAL PRICING ANALYSIS

31% 38% 15% 16% 16% 15% 16% 14% 13% 15% 14% 32% 33% 13.3% 13.3% 12.3% 12.9% 29% 38% 9% 11% 14% 11% 12% 14% 12% 25% 21% 26% 25% 36% 42% 40% 42% 27% 43% 26% 38% 14.7% 15.1% 27% 32% 23% 21% 31% 32% 20.1% 15 12 90 60 30 0 30% 25% 19.4% 50 20 0 0 0 16.4% 15.9% 10.3% 11.3% 11.3% 16% 19% 24% 24% 22% 18% 22% 18% 25% 25% 27% 31% 35% 32% Average YoY Renewal Change WHY YOUR RESULTS MAY DIFFER No Increase 1% to 9% 10% to 19% 20%+ The REDY Index shows pricing trends based on average property renewal premium on a broad range of accounts – in all 50 states, with varying loss histories, and a variety of perils and occupancies. Your results may differ substantially from the average shown above depending on these attributes and a particular account’s risk profile. 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. ONGOING PROPERTY ISSUES For accounts that have already experienced multiple challenging renewal cycles and are not subject to additional capacity constraints, rate movements align with those depicted by the REDY index. Similar accounts that have embraced robust valuation efforts are seeing 10%. However, risks placed historically with 100% MGA capacity, those now entering the E&S from the standard marketplace, or loss- affected risks are likely to see increases of 25% - 100%+. Catastrophe-exposed accounts or those with unique exposures may see prices above what is indicated in the index. Further adjustments to terms and conditions and rate are anticipated to accelerate throughout 2023. Natural Catastrophe Limits continue to be monitored by carriers, and available aggregate will be under pressure through the 7/1 renewal date. ©2023 CRC Group is a division of and operates under the license of CRC Insurance Services, Inc., CRC of California Insurance Services, CA Lic No 0778135. No claim to any government works or material copyrighted by third parties. Nothing on this website constitutes an offer, inducement, or contract of insurance. Financial strength and size ratings can change and should be reevaluated before coverage is bound. This material is intended for licensed insurance agency use only. This is not intended for business owner or insured use. If you are not a licensed agent please disregard this communication. The REDY Index is intended for educational purposes only as individual accounts typically differ from average pricing trends. Mar '22 Apr '22May '22 Jun '22 Jul '22 Aug '22 Sep '22 Oct '22 Nov '22 Dec '22 Jan '23 Feb '23

ONGOING PROPERTY ISSUES

  • For accounts that have already experienced multiple challenging renewal cycles and are not subject to additional capacity constraints, rate movements align with those depicted by the REDY index. Similar accounts that have embraced robust valuation efforts are seeing 10%. However, risks placed historically with 100% MGA capacity, those now entering the E&S from the standard marketplace, or loss-affected risks are likely to see increases of 25% - 100%+.
     
  • Catastrophe-exposed accounts or those with unique exposures may see prices above what is indicated in the index. Further adjustments to terms and conditions and rate are anticipated to accelerate throughout 2023. Natural Catastrophe Limits continue to be monitored by carriers, and available aggregate will be under pressure through the 7/1 renewal date.
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