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Uncertainty Mark-up for Catastrophe Coverage
Manage episode 424667157 series 2822097
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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.
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Chapters
1. Uncertainty Mark-up for Catastrophe Coverage (00:00:00)
2. What is uncertainty markup? (00:01:33)
3. Why is this critical for pricing? (00:03:15)
4. What info does the risk assessment report provide? (00:05:04)
5. How does the risk assessment report benefit insureds? (00:07:02)
6. Our underwriters asking for more information? (00:08:08)
7. What is the easiest way to get a report? (00:10:41)
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