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 - January 2024
MONTHLY RENEWAL PRICING ANALYSIS
WHY YOUR RESULTS MAY DIFFER
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
- In Q4 2023, the E&S Property market experienced a slowdown in the pace of rate increases, marking a shift from a year of significant hardening. This deceleration is attributed partly to a milder hurricane season and indications of an orderly treaty renewal season. As a result, the macro-outlook for Q1 2024 is shaping up to be more stable, with expectations of more predictable pricing and rate trends.
- However, the market is expected to remain diverse and segmented. There is no one-size-fits-all approach to renewal outcomes, as pricing is predicted to vary considerably depending on a range of factors. These include geography, occupancy, loss record, valuation, resilience to natural catastrophes, and detailed risk attributes specific to each property, such as the age of the building and its roof.