Placing You First Insurance Podcast by CRC Group

CRC Group

The Placing You First Podcast spans a diverse spectrum of insurance industry issues to keep you and your clients informed. read less

Hurricane Ian with Meteorologist James Spann and Chris Carlson
Oct 24 2022
Hurricane Ian with Meteorologist James Spann and Chris Carlson
Hurricane Ian has proved to be a significant event for the insurance industry. In this episode, we talk with Nationally Renowned TV Meteorologist James Spann from ABC 33/40 in Birmingham, AL.  Also, Chris Carlson, the property practice leader for CRC Group, joins us to talk about the damage estimates and what this means for the insurance industry.About James Spann:James has served as the Chief Meteorologist for ABC 33/40 for 25 years and can be seen on weeknights at 4, 5, 6, and 10 o'clock. In all, James has been a television weather anchor for 44 years.James has received the two highest awards in the nation for a broadcast meteorologist.One is the national "Broadcaster of the Year" by the National Weather Association. According to the NWA, James was selected for the award "For his passionate dedication to serving the Central Alabama community with critical weather information for over thirty years, especially during the deadly April 27, 2011 tornado outbreak."James also was the winner of the AMS (American Meteorological Society) "Award for Broadcast Meteorology." The AMS stated he was the winner partly because of "his tireless efforts to advance the public's awareness of and engagement in the science of meteorology, particularly severe weather forecasting and response."James has earned multiple Emmy awards over the years. He was elected to the National Academy of Television Arts and Sciences Silver Circle, representing outstanding achievement spanning at least 25 years in the broadcast industry with a proven record of mentoring and community involvement.Link: See James' Coverage of a significant tornado in Tuscaloosa in 2011.Visit REDYIndex.com for critical pricing analysis and a snapshot of the marketplace. Do you want to take your career to the next level? Join #TeamCRC to get access to best-in-class tools, data, exclusive programs, and more! Send your resume to resumes@crcgroup.com today!
Uncertainty Mark-up for Catastrophe Coverage
Sep 21 2022
Uncertainty Mark-up for Catastrophe Coverage
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.Learn about CRC Group's CAT modeling tools and processes, and why the company is uniquely positioned to give you the edge when it comes to property risk.Featuring: Colin Morris is a Senior Risk Analyst with CRC Group’s Red Bank, NJ office.David Pagoumian is the President of CRC Group’s Red Bank, NJ office. David specializes in property placements and is an active member of the Property Practice Advisory Committee.Visit REDYIndex.com for critical pricing analysis and a snapshot of the marketplace. Do you want to take your career to the next level? Join #TeamCRC to get access to best-in-class tools, data, exclusive programs, and more! Send your resume to resumes@crcgroup.com today!
Senior Living Market Easing but Reprieve May be Brief
Aug 11 2022
Senior Living Market Easing but Reprieve May be Brief
Senior Living Market Easing but Reprieve May be BriefAfter a year or two of hardening, the insurance market for senior living facilities took another hit in 2020 due to the COVID-19 pandemic’s new wave of compounding challenges. Brokers working with these healthcare organizations were warned to keep a wary eye on increased liability and tighter underwriting moving into 2021.Throughout the challenging market in 2020 and 2021, accounts of varying quality were often painted with the same brush in an effort to improve underwriting profitability through widespread price hikes of 20% or more. This was frustrating for higher-quality accounts, and the sector saw a subsequent rise in the secondary market as risk retention groups (RRGs) were priced slightly lower than traditional marketplace offerings. However, the impact of RRGs began to wane at the end of 2021 as new entrants began joining the space, allowing better accounts to be considered on their own merit.As we move into the second half of 2022, there are signs that the senior living insurance marketplace may be easing as 3 - 4 new insurers have now entered the space, and some legacy carriers have become more aggressive in an effort to rebuild their books after balancing portfolios. This means the pace of rate hikes may decelerate, which is good news for many operators experiencing post-COVID fatigue after significant premium increases. However, price sensitivity is still through the roof, and many insureds are looking for a better deal. The marketplace is seeing some clients choose to leave multi-year insurance relationships in favor of a lower price, but that leap may prove detrimental for insureds in the long run.Featuring:Rusty Hughes is a Senior Broker with CRC Group’s Birmingham, AL office specializing in the healthcare and assisted/ senior living sectors.Lee McClure is a Senior Broker with CRC Group’s Birmingham, AL office specializing in healthcare professional liability.Conner Madey is a Broker with CRC Group’s Chicago office where he specializes in healthcare.Visit REDYIndex.com for critical pricing analysis and a snapshot of the marketplace. Do you want to take your career to the next level? Join #TeamCRC to get access to best-in-class tools, data, exclusive programs, and more! Send your resume to resumes@crcgroup.com today!
Florida Market Still Reeling from Surfside Condo Collapse
Apr 1 2022
Florida Market Still Reeling from Surfside Condo Collapse
The deadly collapse of a 12-story beachfront condominium north of Miami Beach sent shockwaves through the Florida insurance market. One wing of the 40-year-old Champlain Towers in Surfside, Florida, crumpled to the ground suddenly on June 24, 2021, killing 98 people. Several carriers have exited the Florida property market as total settlements rise to more than $130 million, and others are pulling back on property and liability coverage. Faced with the potential for steep losses, insurers are raising rates and deductibles and becoming much more selective. In such a challenging market, it’s crucial to work with experienced, knowledgeable brokers who can provide guidance through a more complex, demanding placement process.Featuring:Sim Bridges is Vice President-Underwriting with Coastal Insurance Underwriters located in Ponte Vedra Beach, Florida.ABOUT COASTAL INSURANCE UNDERWRITERSCoastal Insurance Underwriters is a program administrator specializing in designing, creating, and managing insurance products for various business classes, including condominium associations, homeowner associations, and golf and country clubs. Coastal has become one of the largest Managing General Underwriters in the United States focused on community association products with over 8,000 homeowners and condominium associations currently insured. Coastal Insurance Underwriters is a subsidiary of Constellation Affiliated Partners, LLC. Learn more at www.ciuins.com.Visit REDYIndex.com for critical pricing analysis and a snapshot of the marketplace. Do you want to take your career to the next level? Join #TeamCRC to get access to best-in-class tools, data, exclusive programs, and more! Send your resume to resumes@crcgroup.com today!
Marketplace Tight for Healthcare Risks Despite New Capacity
Nov 12 2021
Marketplace Tight for Healthcare Risks Despite New Capacity
Healthcare is a diverse industry, ranging from individual practitioners and home health nurses to ambulatory care centers and integrated systems with revenues in the billions of dollars. The risks along that spectrum also vary widely, but the insurance marketplace for healthcare organizations has been almost uniformly tight. Several insurance companies that underwrote healthcare business for decades have withdrawn from some classes, citing high loss ratios. In their place, new sources of capacity have emerged. Historically, the presence of new entrants has signaled competition and a loosening of terms, conditions, and rates. Unfortunately for insureds, that is not happening in the current marketplace. It's a challenging environment that requires retailers to approach the renewal process differently.Featured in this Episode:Bob Allen is president of Pro-Praxis, a CRC Group company providing specialty programs to large healthcare organizations, based in New York.Rusty Hughes is a senior broker in the Birmingham, Alabama, office of CRC Group.Alex Gould is a broker in the Birmingham, Alabama, office of CRC Group.Subscribe to CRC Group on YoutubeSubscribe to Tools & Intel (email newsletter)Read Past Tools & Intel ArticlesFollow CRC Group on LinkedInVisit REDYIndex.com for critical pricing analysis and a snapshot of the marketplace. Do you want to take your career to the next level? Join #TeamCRC to get access to best-in-class tools, data, exclusive programs, and more! Send your resume to resumes@crcgroup.com today!
Aviation Market Hardens Amid Pandemic Turbulence
Sep 3 2021
Aviation Market Hardens Amid Pandemic Turbulence
Featuring: Camille Knight is a Senior Broker with our CRC Indianapolis team, located in Kentucky. She has extensive experience and specializes in aviation relation risks.As the aviation industry rebounds from a massive pandemic-induced downturn, aviation insurance rates are rising as insurers seek to address prior-year losses and the industry’s evolving risks. Interest in private jet purchases and rentals have surged as more business fliers and individuals avoid public carriers for health reasons. The pandemic has also provided an extra boost to the rapidly growing unmanned aerial vehicle industry since camera-equipped drones can perform many tasks at lower risk and without personal contact.Rising insurance prices in the aviation industry come amid historic losses for commercial aviation. The COVID-19 pandemic made 2020 the worst year in history for air travel demand, according to the International Air Transport Association.1 The IATA expects net airline industry losses of $47.7 billion in 2021, which marks a massive improvement from estimated net losses of $126.4 billion in 2020.2As the aviation industry recovers, it faces an insurance market that has been hardening for several years. The rise in rates for aviation coverage has followed big losses such as the disappearance of Malaysia Airlines Flight 370 with 239 people aboard in March 2014. Five years later, two crashes of Boeing’s recently introduced 737 Max within five months added impetus to the insurance market hardening: An Indonesia Lion Air Boeing 737 Max crashed in October 2018, killing 189 people, and in March 2019 an Ethiopian Airlines Boeing 737 Max crashed shortly after takeoff with 157 people aboard. The losses extended beyond the crashes as hundreds of Boeing 737 Max airliners were grounded around the world, resulting in significant grounding liability claims in addition to liability and hull loss claims.Visit REDYIndex.com for critical pricing analysis and a snapshot of the marketplace. Do you want to take your career to the next level? Join #TeamCRC to get access to best-in-class tools, data, exclusive programs, and more! Send your resume to resumes@crcgroup.com today!