Trouble in the Excess World

[AZDave]

Wow, just renewed an Electrician that does outside work and his $5 mill excess went from $10k to $20k. The prior carrier wanted $50k! Most others outright declined. Wildfire danger risk for this one.

Excess is definitely going thru a hard market.

Seems to be a sign of the times.

Anyone else seeing this?

Dave

 

[marindependent]

Interesting would not have thought about the electrican wildfire danger, but it totally makes sense.

On the personal lines side umbrella/excess market insurers keep changing and prices are going up for certain.

 

[Markthebroker]

Yes, we are seeing this too. The good news is that it's not just you, the bad news is that this is a very real situation that we are going to be dealing with for a while.

Some would say we are going into a hard market, but it feels more like hitting a wall.

I'm working on a $10mm excess policy over habitational and it's a nightmare.

3 years ago everyone and their sister was willing to write these.

 

[myfakename]

I just renewed one umbrella that went from 3k to 27k.

1m limit.

 

[Markthebroker]

I just renewed one umbrella that went from 3k to 27k.

1m limit.

What was it over?

 

[myfakename]

What was it over?

Its a <100mile trucker.

It obviously was way under-priced before, but thats still a jump.

 

[Markthebroker]

Its a <100mile trucker.

It obviously was way under-priced before, but thats still a jump.

That whole market has always been a pain in the a$$. Yeah, the premiums are fat, but you sure are going to work for them.