News - Tools & Intel | CRC Group

TI-Header

The Impact of Hurricane Ian and Reinsurance on the 2023 Property Marketplace

The Impact of Hurricane Ian and Reinsurance on the 2023 Property Marketplace

As the year-end approaches, all eyes are on January 2023 property treaty renewals. Even before Hurricane Ian struck at the end of September, reinsurance pricing and availability were a key concern for the sector. However, the hurricane’s devastating impact has served to amplify those concerns and solidified the reinsurance market’s resolve in a rapidly hardening property market. Inevitably, these concerns will impact insurers’ capabilities and capacities available to insureds in 2023.

read more
How to Avoid the Uncertainty Mark-up for Catastrophe Coverage

How to Avoid the Uncertainty Mark-up for Catastrophe Coverage

Uncertainty can prove costly when it comes to purchasing property insurance. When pricing catastrophe risks, underwriters must be able to quantify them accurately. Where uncertainties arise, underwriters often adjust prices in an attempt to compensate for the unknown or decline the risk entirely. Uncertainty also tends to drive up the loss estimates produced by CAT modeling tools used to help underwrite property coverage today. To avoid paying unnecessarily high prices, insureds should provide detailed data that creates a complete and accurate picture of their exposures in a schedule of values. Complete submissions based on more precise data are likely to receive a warmer welcome from underwriters who have seen an increase in submission volume in the current market. Brokers that can provide a detailed catastrophe risk assessment report using the latest modeling technology can help clients make more informed decisions about risk transfer strategies and better position them to achieve the most cost-effective insurance program.

read more
Claims Preparation & Guidelines

Claims Preparation & Guidelines

PLACING YOU FIRST BEFORE, DURING AND AFTER THE STORM. CRC group is here to help with all of your claims and policy servicing issues as a result of catastrophes, including helping clients prepare for a potential claims situation.

read more
Mandatory Natural Disaster Evacuations Prove Costly for Homeowners

Mandatory Natural Disaster Evacuations Prove Costly for Homeowners

When a fast-moving wildfire threatens a community, residents may have only minutes to seek safety. It’s an all-too common scenario for Californians and others in the West, who have suffered through more than one devastating fire season. California’s 2018 Camp Fire, the most destructive wildfire in history, burned 6,700 structures while Southern California wild fires burned 177 structures, with losses for these fires totally around $7 billion (source 3). 2019 was a much milder wildfire season, especially in comparison to 2017 and 2018; however, California remains the top state in the country for extreme wildfires with more than 2 million properties at risk (source 7).

read more
Rain, Wind, Flood and Fire: Climate Change Poses Challenge for Catastrophe Models

Rain, Wind, Flood and Fire: Climate Change Poses Challenge for Catastrophe Models

The severe hurricanes and record-breaking wildfires that have caused widespread damage in recent years have heightened concerns that a changing global climate may be leading to more frequent and extreme natural catastrophes. Among the possible effects of climate change, stronger and slower-moving hurricanes may bring more devastating winds, higher storm surge and greater inland flooding; hotter temperatures can dry out vegetation and raise the risk of wildfires, particularly as people move into formerly wild areas. Those changes may lead to greater risks for property owners and higher-than-expected claims for insurers.

read more

 

Healthcare State of the Market at a Glance
Healthcare State of the Market at a Glance
Property State of the Market at a Glance
Property State of the Market at a Glance
Personal Lines State of the Market at a Glance
Personal Lines State of the Market at a Glance
ExecPro State of the Market at a Glance
ExecPro State of the Market at a Glance
Casualty State of the Market at a Glance
Casualty State of the Market at a Glance
Pollution Liability: Is a GL Extension Enough?
Pollution Liability: Is a GL Extension Enough?
Decrypting the Digital Asset Insurance Space
Decrypting the Digital Asset Insurance Space
Less Turbulence Ahead in the E&S Property Market
Less Turbulence Ahead in the E&S Property Market
How Retail Agents Can Avoid Cyber Fatigue in an Evolving Marketplace
How Retail Agents Can Avoid Cyber Fatigue in an Evolving Marketplace
Product Recall Claim Trends
Product Recall Claim Trends
Long-Term View Important for Senior Living Marketplace
Long-Term View Important for Senior Living Marketplace
Excess & Umbrella REDY® Index January 2024
Excess & Umbrella REDY® Index January 2024