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Storms Ahead – Rising Wind Rates Hit Coastal Homeowners

Storms Ahead – Rising Wind Rates Hit Coastal Homeowners

The 2020 hurricane season stormed in with a record six named tropical storms by early July. But in addition to forecasts for an active storm season, coastal homeowners from Florida to Texas are facing sharp rate increases as insurers seek to rein in catastrophe losses. Carriers are tightening underwriting guidelines, limiting capacity and, in some cases, pulling out of markets. Rate increases are particularly steep in South Florida’s tri-county area, but Gulf Coast homeowners from Florida to Texas should also expect higher premiums and increased deductibles as well as fewer options for wind coverage.

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Hurricane Claim Preparation Guidelines

Hurricane Claim Preparation Guidelines

The 2020 hurricane season is upon us and scientists are already making their predictions. Scientists’ early predictions indicate an “above-average” hurricane season in 2020*. The consensus of expert forecasts indicate 17 named storms for this year’s North Atlantic hurricane season – much higher than the long-term 30-year average of 12 storms. Are you ready for this year’s hurricane season? Here is a list of hurricane claim guidelines you should consider as part of the preparation for dealing with a storm. From the first steps you should take after an event, to the different types of claims scenarios, CRC Group provides you with the information you need to adequately prepare for a storm.

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Habitational Market Takes a Hard Turn

Habitational Market Takes a Hard Turn

After years of losses in the multifamily habitational market, insurers have become far more cautious for both property and casualty coverages, cutting back capacity or even leaving the market altogether. Rates and deductibles have been rising—sometimes significantly—as carriers, more closely scrutinize the risks they are willing to entertain while adding a variety of exclusions.

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Parametric Insurance Begins to Make an Impact

Parametric Insurance Begins to Make an Impact

Parametric insurance has made its biggest impact so far with catastrophe bonds covering large-scale risks, such as hurricanes and earthquakes, but the concept is becoming more common in commercial and residential insurance. It’s called parametric because rather than responding to a specific loss, the coverage pays out when an agreed “metric” such as wind speed or ground shaking reaches or exceeds certain intensity. Insurers are offering such coverage based on a wide variety of other metrics, including barometric pressure, rainfall, average snowfall, river water levels, storm surge as measured by tide gauges and even hotel occupancy rates.

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CAT+ Insurisk’s Exclusive CAT Focused Property Facility

CAT+ Insurisk’s Exclusive CAT Focused Property Facility

Insurisk is CRC Group’s exclusive products facility has recently launched CAT+, an A rated property capacity for middle market business that is primarily CAT-exposed. CAT+ can accommodate costal exposure risks from Texas all the way to the Carolinas.

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Cyber REDY® Index September 2021
Cyber REDY® Index September 2021
Excess & Umbrella REDY® Index September 2021
Excess & Umbrella REDY® Index September 2021
Private D&O REDY® Index September 2021
Private D&O REDY® Index September 2021
Stresses Ease in California Earthquake Market
Stresses Ease in California Earthquake Market
Claims Advocacy Team Gets Carrier to Rescind Denial of Defense for Slip-and-Fall
Claims Advocacy Team Gets Carrier to Rescind Denial of Defense for Slip-and-Fall
Creativity Holds the Key to Dealer Open Lot Market
Creativity Holds the Key to Dealer Open Lot Market
Marketplace Tight for Healthcare Risks Despite New Capacity
Marketplace Tight for Healthcare Risks Despite New Capacity
2021 Excess Casualty Market Remains Firm
2021 Excess Casualty Market Remains Firm
New York Construction Market Steady Post-Pandemic
New York Construction Market Steady Post-Pandemic
Why Consider Personal Umbrella Insurance?
Why Consider Personal Umbrella Insurance?
CRC Helps Financial Services Firm Achieve Reversal of Coverage Denial and Agreement to Defend E&O Claim
CRC Helps Financial Services Firm Achieve Reversal of Coverage Denial and Agreement to Defend E&O Claim
Insurance Landscape Hardens Further as Wildfires Rage
Insurance Landscape Hardens Further as Wildfires Rage