Placing You First Insurance Podcast by CRC Group

In 2021, 19-year-old Orlando student Miya Marcano was tragically killed in her apartment by a 27-year-old maintenance employee with access to her apartment complex’s master key fob. In response to this tragedy and a growing trend of violence, Florida Governor Ron DeSantis signed Senate Bill 898, known as “Miya’s Law,” at the end of June 2022.   The new law took effect July 1, 2022, and seeks to st...

Hurricane Ian has proved to be a significant event for the insurance industry. In this episode, we talk with Nationally Renowned TV Meteorologist James Spann from ABC 33/40 in Birmingham, AL.  Also, Chris Carlson , the property practice leader for CRC Group, joins us to talk about the damage estimates and what this means for the insurance industry. About James Spann : James has served as the Chief...

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 unde...

After a year of slashed demand in 2020, global oil demand surged in 2021 as the world began to recover from the coronavirus pandemic. In 2022, energy demand and commodity prices are still up, indicating that the energy industry is strong (source 3). Refineries are operating at approximately 95% capacity, and many companies would like to expand operations conservatively. But, like other industries...

Senior Living Market Easing but Reprieve May be Brief After a year or two of hardening, the insurance market for senior living facilities took another hit in 2020 due to the COVID-19 pandemic’s new wave of compounding challenges. Brokers working with these healthcare organizations were warned to keep a wary eye on increased liability and tighter underwriting moving into 2021. Throughout the challe...

Matthew Rosencrans from the NOAA Climate Prediction Center takes us through the future of property risk, including hurricanes, climate change, and more.   Is climate change causing sea levels to rise?  The answer may surprise you! How many named storms will we see in 2022? According to the best data, what can we expect in the next 5 to 10 years? After talking with Matthew, we check in with Chris C...

The REDY® Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY® Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empo...

In today's economic environment, many companies have difficulty hiring and retaining sufficient staff to operate. More small and mid-sized companies without dedicated internal administrative or HR staff partner with Professional Employer Organizations (PEOs) to help offload administrative burdens. In addition to providing HR, benefits, and payroll administration, PEOs often offer Employment P...

Over the last decade, third-party litigation funding (TPLF) has evolved into a $17 billion industry worldwide, and 52% of that money is being spent in the U.S., making TPLF a key contributor to social inflation, hiking up jury awards and claim settlements that may have a significant impact on insurance prices and coverage availability. What is it?  How does it work?  What effect is it having on pr...

The deadly collapse of a 12-story beachfront condominium north of Miami Beach sent shockwaves through the Florida insurance market. One wing of the 40-year-old Champlain Towers in Surfside, Florida, crumpled to the ground suddenly on June 24, 2021, killing 98 people. Several carriers have exited the Florida property market as total settlements rise to more than $130 million, and others are pulling...

Flooding continues to be the most expensive and the most common natural disaster in the United States, resulting in billions in economic losses every year. According to the National Flood Insurance Program (NFIP), 90% percent of all U.S. natural disasters involve flooding. In October 2021, the NFIP implemented its Risk Rating 2.0 program, one of the most significant changes from a rate modeling an...

Transitioning markets make for tougher renewals. Rising prices, carrier repositioning, and stricter underwriting are combining to make this year’s renewals more challenging. Seeking to tame natural catastrophe losses, carriers are changing appetites, scaling back capacity in some markets, and exiting others. Those changes have helped drive submission activity to levels not seen since 2005 and are...

Contractors may assume they don’t need professional liability coverage. But, as the traditional construction delivery model evolves and the lines of responsibility between contractors and design firms blur, contractors face increased exposure. Fortunately, professional liability insurance is available to help protect contractors from the risks that accompany industry changes. Featuring:  David Fin...

Following a soft market cycle characterized by marked underpricing, an excess casualty market that was hardening in 2019 is now firm. Underwriters continue to look for rate increases and cut capacity as large claims climb the tower. Three CRC Group Producers who specialize in Casualty weigh in on the current conditions of the market. Featuring: Jason Howard is a Senior Vice President located in th...

Healthcare is a diverse industry, ranging from individual practitioners and home health nurses to ambulatory care centers and integrated systems with revenues in the billions of dollars. The risks along that spectrum also vary widely, but the insurance marketplace for healthcare organizations has been almost uniformly tight. Several insurance companies that underwrote healthcare business for decad...

Costly litigation alleging violations of the Telephone Consumer Protection Act (TCPA) has made coverage hard to get for businesses that contact customers and prospects by phone or text. We explore why markets for TPCA risks are scarce and how to work with a knowledgeable wholesale broker to help insureds. Featuring: Harold Field is Office President of CRC New York and a member of the ExecPro pract...

Visit TheInsurer.com for more information about this interview. Recently, CRC Group's CEO Dave Obenauer sat down with David Bull from the Insurer to discuss the state of the E&S Marketplace.  It was a great conversation, and we're happy to share it with you. "Strong growth in the E&S market shows no sign of letting up as a confluence of loss events, and a greater awareness o...

Featuring:  Camille Knight is a Senior Broker with our CRC Indianapolis team, located in Kentucky. She has extensive experience and specializes in aviation relation risks. As the aviation industry rebounds from a massive pandemic-induced downturn, aviation insurance rates are rising as insurers seek to address prior-year losses and the industry’s evolving risks. Interest in private jet purchases a...

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data- driven expectations with their clients. Removing the guesswork empow...

Amid the stubborn coronavirus pandemic, institutional capital and developer investment has paused, forcing contractors to take a wait-and-see approach for their direction in 2021 and beyond. While the industry cheered the economic comeback of the third quarter after a record second-quarter slowdown, developers and builders remain cautious, particularly in sectors deeply affected by the pandemic an...

Americans learned just how vital the trucking industry is to daily life during the early days of the COVID-19 pandemic. Truck drivers all across the country witnessed an outpouring of public recognition and gratitude as the nation coped with shipping delays and supply shortages\. As the economy works to recover, trucking will continue to play an essential role, making it more important than ever t...

The road ahead may be opening up in the primary auto market after last year’s nationwide economic dislocation brought on by the pandemic. The trucking industry, in particular, endured months of turmoil amid massive shifts in demand as people nationwide began not only working from home—but also staying at home after work. In commercial auto, the shutdown-induced reduction in traffic congestion may...

Wage and Hour (W&H) exposure is an often misunderstood and frequently underinsured risk. It is commonly — and incorrectly — assumed that W&H claims are restricted to either misclassification of exempt/non-exempt employment status or failure to pay overtime. However, W&H liability also includes allegations such as underpayment of overtime, miscalculation of wages, refusal to allow emplo...

The West Coast has its unique challenges like earthquakes and wildfires. These factors make for a property market that is diverse and ever-changing. In this episode, we check in with two CRC property specialists who have a lot of experience dealing with West Coast property.  How tough are rates and capacity?  How long will the challenging market last?  Are there any signs of easing?  Featuring two...

Week after week, hackers and cybercriminals launch new phishing campaigns, develop creative digital extortion threats, and expand scams with the potential to negatively impact business operations in a big way. Cyberattacks can halt online operations in only minutes and take weeks to resolve. In addition, a cyberattack that involves the loss of customer data can result in expensive litigation that...