Loss Creep Spells End to Soft Reinsurance Market: Guy Carpenter

By | September 10, 2019

  • September 11, 2019 at 7:54 pm
    okt0ber says:
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    I can sum this up pretty easily, at least for the hurricane loss creep:

    Primary insurers are doing a really poor job of thoroughly inspecting and adjusting losses on the initial visit to the property. As an agent, I review the vast majority of property claims my customers file as a courtesy to them. Most of them have something missing that I point out to the insurance company, and these are just daily claims. The carriers don’t care for it, but it’s drastically showed down the amount of my customers who hire attorneys or public adjusters simply because they’re so happy with me being proactive for them. That used to be the job of the desk adjuster, but they’re only looking for things that can be removed from the field estimate now days. The days of thorough field adjusters are over. Now the contractors are doing the work and the insureds are having to submit supplements to get their damage paid.

  • September 13, 2019 at 10:43 am
    Tiger88 says:
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    Loss creep? In FL, it is loss avalanche. Water damage, BI claims on personal and auto and especially business auto, construction defects and slips/falls. The amount of open “ambulance chasing” via ads, internet, Facebook, LinkedIn, etc. by “third parties” i.e. lawyers, public adjusters, damage restoration contractors and consultants is extreme. It surprises me that the market stayed as soft as long as it did. The only area, at least in our agency, that seems to remain pretty “clean” is workers compensation.

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