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 - April 2024
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
- January renewals experienced a slight continuation of 2023 trends, but as Q1 progressed, the insurance market saw a return to normal in terms of renewal price and term expectations for clients. The increased rate in reinsurance treaty prices slowed compared to 2023, and January 1 renewals met expectations with sufficient capacity to cover the rising demand.
- By the end of the first quarter, the insurance market had achieved a level of stability, with markets focusing on retaining and expanding their presence in sectors considered appropriately priced. This stability forced new entrants and opportunistic markets to align their pricing strategies with prevailing market conditions to secure orders.
- Despite the general optimism in the market that should allow for increased limits within expected budgets, certain areas still face challenges. Specific classes, regions, and historically challenging accounts remain under pressure.
- While the market shows signs of stabilization, it remains vulnerable, being just one or two events away from potential disruption. Despite recent improvements and adjustments, external shocks or unforeseen events could still cause considerable volatility or upheaval in the market.