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Times Are Good for Risk Managers

Insurance prices are generally favorable, and terms and conditions have liberalized in the property/casualty market.

By Russ Banham, PropertyCasualty360 | Updated on February 10, 2014
Umbrella image 325x325 pxPrices are holding steady for corporate buyers of casualty insurance products, and in cases where the loss experience has been particularly good, the premiums have fallen. On the property insurance side of the industry, it’s a buyer’s market, with prices falling at a quick clip. And in both industry houses, insurers eager to maintain market share are open to altering policy coverage terms and conditions.

These are just some of the enticing tidbits risk managers can anticipate as they head into the annual April policy renewal season. While not all companies renew their policies in the springtime, most do. Unlike past market encounters, this go-round promises good deals along with the sunshine and flowers.

Many carriers, for instance, are open to writing casualty primary and excess lines of coverage in occurrence-based policies instead of less favorable claims-made formats. Additionally, multiyear transactions are available in property, new sources of private flood insurance capacity have opened up, and even terrorism-related coverage in many policies are there for the taking at little to no cost.

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