Beyond reinsurance, utilizing property improvement insights empowers carriers to price more competitively, underwrite more efficiently and lower loss ratios across the board. (Photo: Shutterstock)
The 2017 natural disaster season was the worst on record. Hurricanes Harvey, Irma and Maria cost an incredible $265 billion in combined destruction and affected vast swaths of Florida, Texas and the rest of the Gulf Coast. The particularly catastrophic year kickstarted conversations about reinsurance premiums and their ability to accurately reflect risk.
While reinsurance premiums have remained relatively flat, assuming the reinsurance market's future stability could in and of itself be catastrophic, there's no guarantee that prices will remain static.
Given that past pricing pressures have dictated premium rates for about a decade, it's time for insurance carriers to more effectively drive reinsurance negotiations using accurate data sets that can better reflect risk and lead to more favorable terms.
Here are three strategies carriers should consider to aid them in reinsurance negotiations.
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