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Secondary Perils Turn into a Primary Concern for Insurance Buyers

Secondary Perils Turn into a Primary Concern for Insurance Buyers

Historically, floods, hurricanes, and earthquakes have been known for generating historic losses and headlines, but the insurance industry is increasingly concerned about the mounting financial impact of so-called secondary perils. Hail storms, tornadoes, thunderstorms, and wildfires are causing more frequent and severe losses that mount into the tens of billions of dollars on an annual basis, often outweighing losses from major perils in recent years. Over the last 40 years, a pattern of more frequent natural catastrophe events has emerged, a trend that has further accelerated over the last decade, according to AM Best (source 1).

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Property REDY® Index October 2022

Property REDY® Index October 2022

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.

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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.

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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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2022 Energy State of the Market

2022 Energy State of the Market

After a year of slashed demand in 2020, global oil demand surged in 2021 as the world began to recover from the coronavirus pandemic. In 2022, energy demand and commodity prices are still up, indicating that the energy industry is strong (source 3). Refineries are operating at approximately 95% capacity, and many companies would like to expand operations conservatively. But, like other industries all across the country, energy companies are struggling to find and hire qualified employees to fill positions. They’re also grappling with ongoing supply chain problems that make it difficult to obtain materials and purchase or repair vital equipment. As the insurance marketplace continues to contract, prices are rising for several product lines.

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Secondary Perils Turn into a Primary Concern for Insurance Buyers
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Cyber REDY® Index October 2022
Cyber REDY® Index October 2022
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Property REDY® Index October 2022
Excess & Umbrella REDY® Index October 2022
Excess & Umbrella REDY® Index October 2022