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.

Clients who want to better manage the costs of their property programs often look to higher deductibles as an attractive option, but their lenders may not allow it. Higher deductibles can bring significant cost savings on property insurance programs, particularly for higher hazard risks or accounts with unfavorable loss histories. Taking higher deductibles provides access to more competitive markets and can lead to the most cost-effective property program. Clients willing to take a $100,000 deductible, for instance, will draw far more interest from more markets than those insisting on a $10,000 deductible.

The 2020 hurricane season stormed in with a record six named tropical storms by early July. But in addition to forecasts for an active storm season, coastal homeowners from Florida to Texas are facing sharp rate increases as insurers seek to rein in catastrophe losses. Carriers are tightening underwriting guidelines, limiting capacity and, in some cases, pulling out of markets. Rate increases are particularly steep in South Florida’s tri-county area, but Gulf Coast homeowners from Florida to Texas should also expect higher premiums and increased deductibles as well as fewer options for wind coverage.

The 2020 hurricane season is upon us and scientists are already making their predictions. Scientists’ early predictions indicate an “above-average” hurricane season in 2020*. The consensus of expert forecasts indicate 17 named storms for this year’s North Atlantic hurricane season – much higher than the long-term 30-year average of 12 storms. Are you ready for this year’s hurricane season? Here is a list of hurricane claim guidelines you should consider as part of the preparation for dealing with a storm. From the first steps you should take after an event, to the different types of claims scenarios, CRC Group provides you with the information you need to adequately prepare for a storm.

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.