Reliance Insurance Agencies’ Post

In Dec 2023 more than 80% of the property insurance market is currently shut down. On top of that, CA's top 12 insurers are paused or restricting new business. #ComplexitySimplified #InsuranceMarket #myCALteam https://hubs.li/Q02qYPy50

🏣 Property Insurance Market Update. Heartburn, not a heart attack. Property market insurance conditions are beginning to improve. These subtle changes started to appear in early Q4 2023 when insurers changed their risk selection criteria. This results in more market competition on reasonable risks and more urgency from insurers to quote new business. Insurers have had six years to adjust rates to cover claim costs better and return to a modest profitability position. Although we do not see any new capacity rush into the market, many insurers have aggressive growth targets for 2024—one of the drivers of the improving competitive landscape. Loss-driven accounts will still be a challenge in the market. But from a macro perspective, there is a welcomed positive shift with the easing of rate increases.

One of the most common issues I see with commercial property insurance policies is the undervaluation of buildings. Check out our blog post to learn more about the danger of undervaluation and things you can do to periodically review your property replacement cost valuations to make sure they are up to date. https://lnkd.in/eB7czbB6

If you're a property owner, you may have seen the term 'index linking'. Our guide is here to help you understand what it is and how it might effect your insurance. https://lnkd.in/dZtZVhRC

Businesses beware of the peril of being underinsured. Getting a survey may incur a cost and increasing your rebuild value to the correct amount will ultimately increase your premium. But these costs are nothing compared to impact of being underinsured in the event of a claim. Be smart and don’t take the risk, make sure you are insured for the correct amount and avoid the devsdting impact of being underinsured. #buildinginsurance #rebuildsurvey #underinsurance #insuranceindustry

FOS reveals a "concerning" rise in the number of complaints about home and business building insurance, as figures reach a 10-year high. https://lnkd.in/euCw9x8G #insurance #complaints #ukgiinsight

THE SILENT INSURANCE PHENOMENON COSTING COMPANIES ££££S Many property owners focus on insurance when it is due for renewal and then understandably file the information for the rest of the year. An insurance policy should be there for you when you need it, and provide peace of mind in the background the rest of the time. But what if when you do need to make a claim, it’s only partially successful? This is the situation more and more companies are finding themselves in: an incident happens, they claim for it, and their claim only partially pays out. Particularly where a building is concerned, policyholders are finding themselves on the line for extraordinary sums after discovering – too late – that they are underinsured. https://lnkd.in/dHrVkShi #Underinsurance #Business #Insurance #TowergateInsurance

Throwing the spotlight on underinsurance, this report in Insurance Post reveals a recent improvement but overall, high levels are persisting. The report shows the average gap between the sums insured and what is actually needed leaves significant values uninsured. At Woodgate & Clark, we find that underinsurance can be a particular issue in High Net Worth claims. Insurers and brokers work hard to convey the risks, encouraging policyholders to notify their insurance provider if there is a change to the value of their home's contents and/or the property itself, during the lifetime of the policy, not just at renewal https://lnkd.in/eNwDRu6m #highnetworth #underinsurance #property  

🤔 Are you confident your commercial property insurance provides enough coverage? That's why understanding coinsurance is crucial. Our latest blog post breaks down this complex topic, offering expert advice to ensure your assets are fully protected. Check it out below 👇 #PropertyInsurance #Coinsurance #AssetProtection #ExpertInsights #InsuranceInsights #CommercialProperty #insurance #commercialinsurance #riskadviors #riskmanagement

Are you confident your buildings are properly insured? Underinsurance is a hidden risk that many businesses and homeowners encounter. This article from The Insurance POST examines the dangers associated with underinsurance and offers effective solutions to address them. While the statistics presented are from the UK market, our research shows that Ireland is a less developed market and has a higher level of underinsurance compared to our nearest neighbour.. https://ow.ly/WQm350UophV? The Insurance Institute SCSI - Society of Chartered Surveyors Ireland Brokers Ireland Insurance Ireland #undreinsurance #business #insurance #rebuildcosts