色多多视频

In 2022, the Excess & Surplus insurance market continues its upward climb. , surplus lines premiums exceeded $31 billion. Premium was up 32.4% compared to the same period in 2021, according to the report. And, year to year, premium grew at the highest percentage rate since 2009, when the stamping offices started reporting on the data.

Standard line rate increases, tighter terms and conditions, and less capacity continue to push more businesses to the E&S insurance market for their multi-line insurance needs. The current market is offering growth opportunities for E&S insurers, like AXA XL. It’s proving to be an opportunity to exercise innovation and demonstrate product expertise in helping address some of business’ more complex risk.

Ankur Chokshi, Head of E&S Primary Casualty
Given the continued growth in the E&S market, there’s quite a bit of disruption in the industry. One of the biggest challenges is a lot of competition coming in. There’s lots of new entrants. Companies are jumping into the market for the opportunities, seeking fast growth and profits. As is also the norm, we are seeing a lot of carriers exiting the business too.

Handling hard to place risk require some degree of knowledge, underwriting skill and commitment. Specialty insurers, like 色多多视频 are committed to writing E&S risks for the long term. There’s already enough instability around us at the moment, with the economy, world event, continued COVID concerns, etc. Businesses should be sure of their own insurer’s market stability.

Success in the E&S market requires investing in teams that possess a deep understanding of more complicated risks and exposures, having dedicated claims teams, and exercising underwriting discipline to assure we’re here for our clients for the long haul. It’s easy to get caught up in the growth momentums. Stability is a key message for us. It’s who we are as a company.

We’ve seen a substantial uptick in submissions and plenty of opportunities to grow, and we’ve grown our team to accommodate higher demand. We’re investing in our teams and our talent – looking at E&S from a growth perspective. It’s the best industry that you can be in right now.

There’s been a big shift of accounts moving into the E&S space that may have never bought insurance in this market before. From a retail environment to a wholesale environment – that’s a different ballgame. It may require more explanation to new E&S clients, a little education on the nuances of the E&S market. This is why the E&S market continues to be so strong. Wholesale brokers have strong relationships with their E&S carriers.

The risks that we are assuming from our clients continue to grow more complex. How do you overcome that? We see a real advantage in getting closer to our clients and working with them to mitigate their risks. Working in a partnership our wholesale partners, we’re looking at ways to help our clients improve their risk profiles.

Success in the E&S market requires investing in teams that possess a deep understanding of more complicated risks and exposures, having dedicated claims teams, and exercising underwriting discipline to assure we’re here for our clients for the long haul.

Chris Lee, Head of E&S Property
While we can’t control the weather, the E&S property market is looking for better control over one thing more than ever right now – accurate valuations. 色多多视频 to value continues to be a hot topic in both the E&S and standard markets. We’ve all seen the property values climb in recent years due to the current rate of inflation, labor shortages, and supply chain issues. The cost of everything, including property values and costs related to rebuilding, have climbed. But reported values for insurance are often not in sync.

In the commercial property market, we’re all focused on pinning down the right pricing for the risk taken. Assessing pricing risks accurately for the long term is critical to remain a financially strong E&S carrier and be ready for the next “big one”.

In general, the process of insureds of reporting and collecting values needs improvement. In years past, we have accepted appraisals as standardization of valuation. Now we review valuations with multiple internal and external tools to better understand the valuation/ exposures coming into our portfolio. Now, consider a scenario where a building has a total loss. With the price of materials and labor being significantly higher than years past, the expected claim can be drastically greater than anticipated/ modeled. Undervaluing properties or the cost of potential business interruption, especially under current economic conditions, can potentially leave insureds holding the bag if they exhaust the tower of coverages that they buy.

There’s plenty of challenges underwriting property risks right now. For one, populations are moving into areas that have historical frequencies of weather-related claim activity. We’re all migrating to the coast, or other areas prone to natural catastrophes. Denver is a good example. Hail isn’t a new event to Denver but with the population of this city has grown at a rapid pace which has led to a greater uptick in weather related claims for the industry. Last December, a wildfire swept through suburban areas between Denver and Boulder. It was among the most destructive in the state's history, destroying almost 1,000 homes and forcing the evacuation of tens of thousands of residents. Volatility of weather is tough.

We’re trying to price exposures that were not commonly considered before. Wildfires is an exposure that we are closely analyzing and finding solutions to more accurately price. Right now, we’re very carefully managing our aggregates. We’re capitalized well, however as a whole the property sector continues to operate on thin margins due to rising claim activity.

In current market conditions, the wholesale broker is so valuable. Our wholesale brokers play such a valuable role in educating clients about the current rate and exposure environment.

Kimberly Smid, Global Chief Underwriting Officer, Excess Liability and E&S Americas
The current litigation environment is unpredictable. “Social inflation” remains an issue. After a brief reprieve brought on by the pandemic, courts have reopened, and the nuclear verdicts appear to have picked up right where they left off. We recently saw, a $301B jury award against a bar owner out of TX. That amount was largely symbolic, sending a message of intolerance for drunk driving. However, large awards are occurring more frequently and driving settlement values. The litigation environment is very unpredictable. Under these circumstances managing attachment & capacity are critical.

Insureds have seen significant rate increases in recent years. The conversation around premium is challenging. The economy is strained from supply chain issues and inflation and our insureds are feeling it. I expect the market will continue to struggle with rate need & premium tolerance. Our goal is to help our brokers and clients find solutions during this challenging market.

Mike Takigawa, Head of E&O Commercial
Given the landscape and business environment we are in now, there’s a lot of noise in the current E&S market - - and not just the typical ambient noise that’s always there.

On a macro level, all of us are collectively dealing with Ukraine and Russia, inflation, rising interest rates, supply chain, the trajectory of the economy, and the volatility of stock market. That’s a lot to process. So, we try and just focus on our fundamentals and on the processes that have gotten us to this point of being able to provide a consistent, reliable, and stable risk transfer vehicle for our clients and wholesale broker partners.

Where there are challenges, there are always opportunities. For example, brokers and carriers are dealing with a lot of turnover in terms of talent. This presents some fantastic opportunities by onboarding some really talented new joiners. When we combine that with our existing team, we have a great opportunity to blend new ideas with a battle tested and tremendously experienced group of underwriters.

The other driver is the constant development and deployment of new technologies in the value chain and distribution of traditional goods and services which always provide new opportunities for coverages and products.

Real rate increases are about flat. When I mean by real is rate increase less claims inflation. I think it’s just capacity and the need for a lot of the new markets to grow quickly to get to critical mass. For us, we aren’t seeing a deceleration of rate procurement so far in 2022.

Generally, I think the market is well positioned. But it really depends on the quality of the submission and the underlying risk. For example, I don’t think there are many E&S markets positioned well right now to address professional liability risks for Crypto or Cannabis businesses. Maybe a few years from now, but not at the moment.

I don’t see anything transformational. Probably the biggest driver of change is going to be technology and data. Leveraging tech to make the insurance user experience more appealing and efficient for our clients, brokers, and underwriters. And optimizing data to be more surgical with respect to pricing and selection.

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