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.
PROPERTY REDY® INDEX - July 2023
MONTHLY RENEWAL PRICING ANALYSIS
WHY YOUR RESULTS MAY DIFFER
The REDY Index shows pricing trends based on average property renewal premium on a broad range of accounts – in all 50 states, with varying loss histories, and a variety of perils and occupancies. Your results may differ substantially from the average shown above depending on these attributes and a particular account’s risk profile. Results are limited to brokerage accounts that renewed in the same month as the prior year with the same total account limits. To remove outliers, the top and bottom 1% of accounts by YoY % change have been removed, as well as the top and bottom 1% of accounts by rate online (Premium/ Limit*100). The REDY Index is intended for educational purposes only.
ONGOING PROPERTY ISSUES
- For accounts that have already experienced multiple challenging renewal cycles and are not subject to additional capacity constraints, rate movements align with those depicted by the REDY index. Similar accounts that have embraced robust valuation efforts are seeing 10%. However, risks placed historically with 100% MGA capacity, those now entering the E&S from the standard marketplace, or loss-affected risks are likely to see dramatic increases.
- Anticipated pricing trends continued throughout Q2 with further increases anticipated in July. Capacity continues to be strategically utilized heading into a heavy cat-renewal period. Overall, the marketplace continues to remain focused on ITV, which is driving increased exposures for both carriers and insureds.