Bridge Specialty Group’s Post

This is pretty crazy. No broker likes putting an insured in the residual market so the fact that the policy count has doubled in the past 5 years shows how tough the property market is, specifically in geographies that are CAT prone (wind, earthquake, wildfire, etc.). It is important to note the policy count has doubled in the past 5 years, my guess is GWP has gone up multiples. #propertyinsurance #hardmarket #insurance

#largest ever #marine #loss. The #collapse of the #Francis Scott Key #Bridge near the #Port of #Baltimore, Maryland yesterday is expected to drive #billions of dollars in #insured #losses, with reinsurers set to bear the bulk of the claim amid concerns it could become the largest ever marine loss. Around 1:30am local time, container ship “Dali” reportedly lost power before passing under the bridge, which caused the vessel to sail uncontrolled into a pillar of the bridge, resulting in a major collapse. It’s been reported that the value of the bridge itself could be about $1.2 billion, while there’s also been extensive damage to the container ship, which was deporting for Colombo, Sri Lanka. Reportedly, Aon brokered the bridge policy for its construction, value, and replacement, but reports suggest that any claims against this are expected to result in subrogation to the shipowner’s insurance coverage. While severity is still to be determined, it’s clear that the accident will impact several lines of business, such as #property, #cargo, #liability, #trade #credit, and #contingent #business interruption, with marine insurers and reinsurers undoubtedly involved in the loss. According to ratings agency AM Best, reinsurance companies “will bear the bulk of the insured cost” of the collapsed bridge, while S&P warns that the event will have “major implications for reinsurers and the wider #marine #insurance market”.#claim #reinsurance

From American Property Casualty Insurance Association's newsletter comes this story: Gusty winds and bone-dry conditions helped spread wildfires that range from #NewMexico to just south of Chicago & into #Indiana. Nationally, the highest #wildfire danger is forecast for the southern Plains, including Oklahoma, Kansas and Texas. If you are an insurer, looking for growth without adverse selection, Athena's #geospatialIntelligence needs to be part of your underwriting inputs. Alternatively, if you are an #ExcessAndSurplus (or #NonAdmitted) carrier, Athena accurately prices the wildfire component of risk. #propertyinsurance #arcGIS #Insurance #catastrophe #reinsurance https://lnkd.in/g86cj5bj

As the threat of cyclones looms over Sydney, the effectiveness of the Australian Reinsurance Pool Corporation's (ARPC) cyclone reinsurance pool is being questioned. Tyrone Shandiman from the Australian Consumers Insurance Lobby Inc (ACIL) emphasizes the need for reforms to better serve policyholders. CEO Elayne Grace of the Actuaries Institute Australia discusses the potential to expand coverage to other climate disasters like floods. Meanwhile, Allianz Australia's Nicholas Scofield and James Fitzpatrick address the ongoing challenges of flood insurance affordability. https://hubs.la/Q02R8NrV0

🌉Bridging the Gap: The Financial Ripple Effect of Baltimore’s Maritime Mishap #BridgeCollapse #InsuranceImpact On March 26th, a shocking event unfolded: the Francis Scott Key Bridge near Baltimore collapsed after a container ship named Dali hit it. This incident might become the largest insured maritime loss ever, exceeding the $1.5 billion Costa Concordia disaster. 🚢 #MaritimeSafety #RiskManagement The Dali, owned by Grace Ocean Pte. Ltd., reportedly lost power and crashed into the bridge. The Britannia P&I Club, among others, insures this ship. We’re now looking at a complicated situation involving property, cargo, and business disruption insurance. 💰 #FinancialConsequences #ReinsuranceTrends Reinsurers are expected to cover most of the costs. With billions at stake, this event stresses the marine insurance market. Companies like AM Best and Moody’s highlight the wide impact, spread across many insurers and reinsurers. 🤔 #YourThoughts How does an event like this reshape our understanding of maritime risks and insurance? Could this lead to changes in how we insure and manage large structures and ships? Share your insights! #MarineInsurance #RiskAssessment #GlobalTradeImpact 🌐🔍 https://lnkd.in/eV_SXDUk

This event will impact the Marine market as a hail event destroying a solar project impacts the renewable energy market. But, impact isn’t always immediately felt. The property marketplace didn’t firm immediately after Hurricane Katrina but instead after 1/1 reinsurance renewals. Underwriters anticipate restrictions on their authority are coming, and strive to write more premium before that happens. After Hurricane Katrina, an underwriter offered me a deal and coached me to take it now because he wouldn’t be able to offer it for long….we all know what’s coming, take it while you can. The marine event touches many lines of insurance, including property. However, the hit to the property market could be offset by liability / subrogation - if the other parties actually pay. 𝑇ℎ𝑒𝑟𝑒 𝑤𝑜𝑛’𝑡 𝑏𝑒 𝑎 𝑚𝑎𝑠𝑠𝑖𝑣𝑒 𝑒𝑓𝑓𝑒𝑐𝑡 𝑜𝑛 𝑡ℎ𝑒 𝑔𝑙𝑜𝑏𝑎𝑙 𝑝𝑟𝑜𝑝𝑒𝑟𝑡𝑦 𝑚𝑎𝑟𝑘𝑒𝑡, 𝑠𝑎𝑖𝑑 𝑀𝑖𝑘𝑒 𝑃𝑟𝑖𝑛𝑑𝑙𝑒 𝑎𝑡 𝐶𝐴𝐶 𝑆𝑝𝑒𝑐𝑖𝑎𝑙𝑡𝑦. “𝑆𝑖𝑛𝑐𝑒 𝑡ℎ𝑒 𝑠ℎ𝑖𝑝 𝑡ℎ𝑎𝑡 𝑟𝑎𝑛 𝑖𝑛𝑡𝑜 𝑡ℎ𝑒 𝑏𝑟𝑖𝑑𝑔𝑒 𝑐𝑎𝑢𝑠𝑒𝑑 𝑖𝑡 𝑡𝑜 𝑔𝑜 𝑑𝑜𝑤𝑛, 𝐼 𝑤𝑜𝑢𝑙𝑑 𝑖𝑚𝑎𝑔𝑖𝑛𝑒 𝑡ℎ𝑎𝑡 𝑖𝑡’𝑠 𝑔𝑜𝑖𝑛𝑔 𝑡𝑜 𝑏𝑒 𝑚𝑜𝑟𝑒 𝑜𝑓 𝑎 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑦 𝑐𝑙𝑎𝑖𝑚,” 𝑏𝑢𝑡 𝑖𝑡 𝑐𝑜𝑢𝑙𝑑 𝑝𝑢𝑡 𝑎 𝑠𝑝𝑜𝑡𝑙𝑖𝑔ℎ𝑡 𝑜𝑛 𝑏𝑟𝑖𝑑𝑔𝑒 𝑎𝑛𝑑 𝑡𝑢𝑛𝑛𝑒𝑙 𝑒𝑥𝑝𝑜𝑠𝑢𝑟𝑒𝑠.

The majority of Canadian property insurance companies follow a standard procedure to calculate an insurance rates for commercial properties. This process involves several steps: - Occupancy Determination: Identifying the building's use and assigning an industry code. - Construction Classification: Determining the construction class of the building. - Assessment of Age and Condition: Evaluating the building's age and condition. - Technical Rate Calculation: Based on the building's use, construction class, age, and condition. - Base Rate Calculation: Adjusting the technical rate by considering the municipal protection class of the location - Sprinkler Credit: Applying any credits for sprinkler systems in the building. - Extended Coverage Determination: Including additional factors such as premises protection, alarm systems, and coverage for flood, earthquake etc.. Actual premium rates can vary significantly due to market factors such as the history between the owner and insurer, competition among insurance companies, market capacity, volume of business, general economic effects, and the relationships between insurance brokers and companies. This implies that even within the same region, insurance rates for a specific construction class and occupancy type can vary greatly. Insure now. Contact me #insurance #propertyinsurance #sawmill #forestproducts Canadian Wood Council

Everest Group has expanded into Italy under Everest Insurance (Ireland) DAC, with headquarters in Milan, marking its latest international growth after entering Australia, Colombia, and Mexico. Despite elevated catastrophe losses, Everest reported strong Q3 2024 results, including $272 million in underwriting income and expectations of property catastrophe reinsurance price increases in 2025.

Everest Group has expanded into Italy under Everest Insurance (Ireland) DAC, with headquarters in Milan, marking its latest international growth after entering Australia, Colombia, and Mexico. Despite elevated catastrophe losses, Everest reported strong Q3 2024 results, including $272 million in underwriting income and expectations of property catastrophe reinsurance price increases in 2025.

Everest Group has expanded into Italy under Everest Insurance (Ireland) DAC, with headquarters in Milan, marking its latest international growth after entering Australia, Colombia, and Mexico. Despite elevated catastrophe losses, Everest reported strong Q3 2024 results, including $272 million in underwriting income and expectations of property catastrophe reinsurance price increases in 2025.