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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.

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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.

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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).

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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.

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Changing Property Market Poses Challenges for 2020

Changing Property Market Poses Challenges for 2020

The property market continues to change amid decreased capacity and increased caution among carriers. There is little capacity left among many Lloyds syndicates, and domestic markets are more selective overall—particularly on tougher classes of business. While the first quarter of 2020 may bring some relief on capacity, insureds should expect increased rates, higher deductibles and greater scrutiny from underwriters. Valuations are particularly important along with better data on construction, especially for roofs. In this transitioning market, experienced brokers show their worth in finding the best solutions for clients.

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How to Avoid the Uncertainty Mark-up for Catastrophe Coverage
How to Avoid the Uncertainty Mark-up for Catastrophe Coverage
New Florida Law Strengthens Apartment Safety Regulations
New Florida Law Strengthens Apartment Safety Regulations
Cyber Loss Control: Security Scans Have Pros and Cons
Cyber Loss Control: Security Scans Have Pros and Cons
2022 Excess Habitational State of the Market
2022 Excess Habitational State of the Market
Representations & Warranties Coverage Protects M&A Deals
Representations & Warranties Coverage Protects M&A Deals
Possible Insurance Implications of Roe v. Wade Overturn
Possible Insurance Implications of Roe v. Wade Overturn
2022 Energy State of the Market
2022 Energy State of the Market
Private D&O REDY® Index June 2022
Private D&O REDY® Index June 2022
Excess & Umbrella REDY® Index June 2022
Excess & Umbrella REDY® Index June 2022
Cyber REDY® Index June 2022
Cyber REDY® Index June 2022
Property REDY® Index June 2022
Property REDY® Index June 2022
Senior Living Market Easing but Reprieve May be Brief
Senior Living Market Easing but Reprieve May be Brief