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 - October 2023
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 light of the unprecedented losses experienced in the first half of 2023 due to secondary perils, carriers are placing heightened emphasis on refining underwriting and risk selection strategies. Secondary perils, once considered ancillary, are now taking a central role in insurers’ considerations as we approach year-end 2023 and into 2024.
- The market is persistently facing challenges across various business classes, notably habitational and manufacturing occupancies. Habitational risks, varying based on geographical location, age, values, and condition, encounter carrier restrictions or outright exclusions. Furthermore, manufacturing risks face intricacies tied to specialized equipment, hazardous materials, and complex operational processes. Insurers are actively reevaluating underwriting strategies tailored to these specific classes. Adapting and employing innovative approaches in program design are vital to navigating the evolving risk landscape and ensuring sustainable coverage in these demanding sectors.