Call it collusion, call it conspiracy – or call it a maneuver to stem a tide of diminishing profits, but Insurance carriers are universally raising Property & Casualty rates.
The days of premium reductions are over. Carriers believe that they must both rebuild their bottom line and reduce their loss ratios.
No-one is immune and now, more then ever, you need to be advised by your broker of market conditions, coverage changes and program solutions.
Some keys to a successful renewal......
(1) Understand the market conditions and budget accordingly. Anticipate and understand the repercussions of potential coverage and limit changes.
(2) Early commencement of the renewal process - Gathering of underwriting material, loss forecasting, benchmarking, claims reviews, etc
(3) Risk Management and Loss control - Ensure that YOUR risk has a clean and presentable profile.
(4) Tell the story - Your broker should understand your business and have a distinct expertise with companies like your own so as to make the underwriters understand the nature of the risk.
(5) Market leverage - A broker with a large volume of business or capacity in a specific vertical is much more likely to use his/her leverage to get the optimal price.
No comments:
Post a Comment