Why Are Property Renewals Tough Right Now?

Placing You First Insurance Podcast by CRC Group

Transitioning markets make for tougher renewals. Rising prices, carrier repositioning, and stricter underwriting are combining to make this year’s renewals more challenging. Seeking to tame natural catastrophe losses, carriers are changing appetites, scaling back capacity in some markets, and exiting others. Those changes have helped drive submission activity to levels not seen since 2005 and are further exacerbated by new market entrants that are causing a movement of underwriting talent not seen in recent times. In this market, communication is critical for successful renewals. Experienced brokers can make the difference by helping clients put together more compelling submissions with the best available data and provide up-to-the-minute guidance on market moves.
Featuring:

• Chris Carlson is the Director-Property Practice located in CRC’s Norcross, GA Office.

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1. Why Are Property Renewals Tough Right Now? (00:00:00)

2. What is your role at CRC Group? (00:01:27)

3. Why are property renewals tougher this year? (00:02:18)

4. Are carriers rethinking their strategy right now? (00:04:07)

5. What are the top considerations in property renewals right now? (00:05:41)

6. What about reinsurance providers? (00:07:53)

7. What's happening with terms and conditions? (00:10:23)

8. Why is communication so important? (00:11:29)

9. What about submission quality? (00:12:07)