Digital Insurance’s Post

As the insurance landscape evolves, traditional markets are exhibiting increased hesitancy when it comes to properties with loss trends – particularly those associated with fire and water damage. Christopher Lee, Head of E&S Property, explains how flexibility, adaptability and comprehensive insurance solutions makes E&S a desired choice for clients managing property risks. Full article below 👇🏽

Insurance tip of the day: Several homeowners in California recently had their policies cancelled after their insurer, using drone footage, found their properties too risky. It viewed an empty swimming pool that the homeowner deemed too expensive to keep filled with water in drought-ridden CA, as deferred maintenance. Other cancellation victims included a homeowner with too much debris in their yard and another with an allegedly out-of-date roof. As the already tough markets continue to get more challenging in finding viable insurance options, and carriers are getting more creative and discerning in their underwriting processes and guidelines, insureds need to be more proactive in ensuring that no unnecessary obstacles get in the way of their marketability. Not everything is in their control and getting ahead of the innovative means to which carriers are underwriting risks may be impossible, but wherever anything can be avoided, it should. I am finding that no matter how much caution is conveyed to policyholders, some will not react until they see the increases and suffer sticker shock. Rather than asking what can be done after the fact of the increases, they should be seeking out measures that can be taken to amplify the marketability of their risk profile. #insurancetips #jackhasyourback #ITCrisk

🌐 Stay ahead of the storm! 🌩️ Insurers are meeting the challenges of volatile weather head-on with innovative solutions. Dive into this insightful blog post by Esri, highlighting the collaborative efforts of PLRB and Gridmetrics, Inc.. As unpredictable weather events become increasingly common in the US, PLRB provides clarity and assurance to its 1000+ member insurance companies. Plus, here's the best part: it's completely free for PLRB members! Don't miss out on staying informed about the latest trends shaping the future of insurance! #Insurance #Mapping #WeatherRiskManagement #ClaimsAdjuster 🚀 Read more: https://lnkd.in/gNTKshqX

At Codafication we understand the importance of being proactive and responsive in times of crisis. Be prepared this storm season with Crunchwork. Learn more in the article below. Book a demo here > https://lnkd.in/gJsq-MG #insurtech #crunchwork #insuranceclaims #insurance

CSAA refused to renew its policy on the home that Ronnie de Supinski owns in Livermore, CA. 𝗧𝗵𝗲 𝗿𝗲𝗮𝘀𝗼𝗻 𝗴𝗶𝘃𝗲𝗻? 𝗪𝗶𝗹𝗱𝗳𝗶𝗿𝗲 𝗿𝗶𝘀𝗸. Her risk-score? Zero. 𝗦𝗮𝗺𝗲 𝗵𝗼𝘂𝘀𝗲, 𝗴𝗿𝗲𝗮𝘁𝗹𝘆 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗰𝗮𝘁𝗮𝘀𝘁𝗿𝗼𝗽𝗵𝗶𝗰 𝗿𝗶𝘀𝗸-𝘀𝗰𝗼𝗿𝗲𝘀. It's the model, stupid! After de Supinski complained, CSAA Insurance Group, a AAA Insurer wrote to her that wildfire risks can still be present at homes with low-risk scores. The score looks only at the area up to a quarter of a mile from the property, but strong winds can carry embers up to 5 miles, the insurer said. Companies are trying to cut their exposure, but their methods can be flawed. Barely 25% of U.S. insurers have advanced predictive modeling capabilities, a new Capgemini report indicates. “A huge portion of the industry is relying on outdated models,” that don’t take into account how fast catastrophes are changing, the report added. Read this from to get a taste of how risk scores vary from insurer to insurer: 𝗗𝗼 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝘆𝗼𝘂𝗿 𝗵𝗼𝗺𝗲’𝘀 𝘄𝗶𝗹𝗱𝗳𝗶𝗿𝗲 𝗿𝗶𝘀𝗸 𝘀𝗰𝗼𝗿𝗲? 𝗬𝗼𝘂𝗿 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗱𝗼𝗲𝘀: https://lnkd.in/gbUfNcq3 For those interested, I have a link to the 𝗖𝗮𝗹𝗶𝗳𝗼𝗿𝗻𝗶𝗮 𝗙𝗶𝗻𝗮𝗹 𝗧𝗲𝘅𝘁 𝗼𝗳 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻 - 𝗠𝗶𝘁𝗶𝗴𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗥𝗮𝘁𝗶𝗻𝗴 𝗣𝗹𝗮𝗻𝘀 𝗮𝗻𝗱 𝗪𝗶𝗹𝗱𝗳𝗶𝗿𝗲 𝗥𝗶𝘀𝗸 𝗠𝗼𝗱𝗲𝗹𝘀 𝗹𝗲𝗴𝗶𝘀𝗹𝗮𝘁𝗶𝗼𝗻 here: https://lnkd.in/gyRuqcS8 Capgemini Report: 𝗪𝗼𝗿𝗹𝗱 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗮𝗻𝗱 𝗖𝗮𝘀𝘂𝗮𝗹𝘁𝘆 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 𝟮𝟬𝟮𝟰 https://lnkd.in/ggbAX2Vt #wildfire Nancy Watkins Amy Bach Joe Testa Janet Ruiz, CPCU, AIM Grant Staking Michael Thayer, CWMS O.P. Almaraz Joel Laucher Ken Branson Josh Becker Frank Frievalt Ryan Rucker Christine Krolik Andrew Siffert, CCRMP David Pucci, CEM Jean Eaglesham Dave Winnacker David Shew Martha Bane Matthew Nielsen Doug Davis

Working outdoors in extreme heat is both dangerous and costly as described nicely in this article from Aon. For agents and brokers that work with the construction industry: Vortex Weather Insurance has an admitted parametric heat insurance product that can help minimize the growing protection gap when this risk goes uninsured. Contact us to find out how! Cole Mayer, Tariq Taherbhai, Jim Dunn #vortexweatherinsurance #parametric #heatinsurance

When planning a new development project, ensure you understand the fire sprinkler code requirements and can recognize the differences in sprinkler systems as it could affect your insurance premiums. https://bit.ly/3R643w4 #realestate #insurance

Parametric insurance and captives are a "perfect fit," according to our friends at Captive Intelligence. If you want to learn more about our impartial services as the parametric catalyser, speak with our specialist, Ken MacDonald. #captiveinsurance #parametricinsurance #calculationagent #insurance https://lnkd.in/dqutdqQk

📊 2024 Insurance Trends Always grateful to our partners at Chubb for their insights on a range of trends affecting the personal insurance marketplace. Homeowners need to be aware of these dynamics to understand their risks and plan accordingly. Here’s what stands out to us: 🛠 Material and Labor Dynamics: While some construction materials like lumber are becoming more affordable, others continue to rise, reflecting broader economic pressures. Labour demands in the construction sector are evolving, with a significant need for skilled workers to address retirement gaps and industry demands. 📈 Insurance Market Adjustments: The personal insurance landscape is adapting to increased risks, with insurers implementing rate adjustments and coverage modifications to mitigate the impact of severe weather events and rising claims. 🚗 Vehicle Theft and Liability Concerns: With vehicle theft rates climbing, especially for specific high-risk models, and HNW individuals facing potential large liability verdicts, the importance of comprehensive auto and liability insurance has never been more apparent. ⛈ Climate Impact on Insurance: Wildfires and floods are not just news items; they are real risks that require proactive risk management and insurance strategies. These insights are derived from extensive market analysis, aiming to equip our clients and partners with the knowledge to make informed decisions. For a deeper dive into these trends and how they might affect your strategies, check out the full report linked below. #MarketTrends #InsuranceIndustry #RiskManagement #ConstructionTrends #BusinessStrategy #FamilyBalanceSheet

With the onslaught of catastrophic claims hitting the admitted market hard over the last 5+ years, more and more risk is being placed in the non-admitted (Excess & Surplus) markets. What does this mean for organizations with tough to place risk and insurance requirements going forward? #businessinsurance #riskmanagement #insurance