As Gallagher celebrates 90 years of service in 2018 that include from its earliest days serving the nonprofit sector (google "Our Lady of Angels School Fire"), we are committed globally to having our employees give back with a goal of 90,000 hours of volunteer work in 2018.
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2018 has thus far been a year of firming property premiums due to the $135BB (and counting) of losses in 2017 and early 2018. Based on a February 2018 report in the publication Carrier Management, the U.S. property/casualty insurance industry will show a combined loss ratio of 105.1%
The Arthur J. Gallagher “Commercial P&I Market Review” continues to be the most comprehensive fixed market review of its kind and compliments our mutual IG Club “Annual Pre-Renewal P&I Review” offering, which will be published later this autumn.
The environment for interest rates is all but confirmed for increases, and yet the cycle continues. Its durability doesn’t seem threatened by either a ready supply of equity or debt or even the possibility of oversupply. We have been noticing of late that ‘sectors’ are getting a deeper review by the insurance underwriters. Whereas in the past, the good results for insurance companies professional real estate risk was more uniform overall classes, we have seen that change more in the last 12 months. The ‘Amazon’ effect has put malls and strip shopping centers into a much greater focus and multifamily is also perceived to on its way to an oversupply issue. These two classes are seeing a higher level of scrutiny from the underwriting community.
We at Arthur J. Gallagher have been calling for this for several years, as the benign claims environment made itself more obvious. The Clubs, however, true to their conservative outlook on life, had, with a few notable exceptions, resisted the temptation.
As the U.S. economy continues to recover, so too have many of our nonprofit clients. Nonprofit D&O markets are generally seeing marginal rate changes from -1% to 2%, whereas previously rate increases ranged from 0% to 5% when there was no change in financial condition, exposures or losses.
2017 has thus far been a $125BB (and counting) year of property disasters ranging from the floods of Biblical proportion with Harvey to the devastation of Irma and the categorical wipe out of Puerto Rico inflicted by Maria. These events aka “HIM” are roughly estimated in excess of the $125bb of insured losses and don’t take into account the $3.3bb of wild fire losses in Northern California.
A glut of capacity in the U.S. marine insurance market has created one of the softest markets in recent history for operators on the American waterways. Domestic insurers have been forced to underwrite policies at aggressively priced rates in order to hold onto existing business and attract new policyholders.
Professional Liability is becoming more complicated by the day and it’s not just the owners/managers who are concerned, but also many attorneys and generic insurance agents don’t understand the exposures and the options. Given the personal nature of the liability for the owner/manager, we cannot stress enough the importance of working with a specialist.
Commercial property insurance buyers continue to experience a competitively priced market and benefit from moderate single-digit rate increases.