News - Tools & Intel | CRC Group
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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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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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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Insurers Move to Raise Rates in Property Market

Insurers Move to Raise Rates in Property Market

Buyers have grown used to price cuts in the property market in recent years, but insurers are now taking a harder stance. Insurers are seeking additional premium wherever possible and applying stricter underwriting, particularly to property valuations. Rate increases seem to be gaining traction as leading markets pare back on unprofitable lines. Still, those viewed as good risks can expect to do better than more challenging exposures.

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Property Risk Assessment Reports – Helping Insureds Better Understand the Catastrophic Perils They Face

Property Risk Assessment Reports – Helping Insureds Better Understand the Catastrophic Perils They Face

The Catastrophe Risk Assessment Report is a proprietary tool developed by CRC Group’s Property experts to help retailers win with their clients. Exclusive to CRC Group, this report helps deliver an attractive and detailed presentation providing quality mapping and analytics with comprehensive location details and analysis to your insureds. It includes a summary of an account’s exposures aggregated a number of ways, including by CAT zones, State, flood zone, and construction type.

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Secondary Perils Turn into a Primary Concern for Insurance Buyers
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