Michael Rouse
US Property Practice Leader, Marsh
Property insurance premiums have been rising for the past 18 quarters, and with increased reinsurance costs coupled with other inflationary pressures, rates are likely to continue in an upward trend throughout 2022. Many clients, however, cannot afford to pay any more for insurance. Without a change in their strategy and/or approach, our clients will find it difficult to attain a result that is materially different than general market trends.
With the above in mind, Marsh is helping our clients challenge the status quo:
To help answer the above questions, we take an integrated approach with our clients, working hand-in-hand with our brokers, risk consultants, modelers, appraisers and claim specialists to design insurance programs tailored to the needs of their organizations and lowering a client’s total cost of risk (TCOR). We have developed a Market Readiness Assessment (MRA), which reviews how a client’s data quality and presentation of exposures and risk controls may be interpreted by insurers. This is key in today’s underwriting marketplace.
As insurers are increasingly adopting data-driven underwriting, it is critical that our clients present submissions with strong data quality and can demonstrate good risk quality in order to attract capacity and better terms. This MRA is intended as a starting point in determining opportunities for improving submission quality, reducing loss potential, and improving resiliency of the client’s assets and operations.
We take the following data and use the output to develop a roadmap to help our clients understand what is needed to drive a better outcome from the market effort.
Marsh combines deep technical engineering expertise with a strong understanding of the insurance industry and underwriting. With a team of more than 250 specialists across 40 countries, Marsh’s Property Practice serves our clients with data-driven risk solutions and advisory services.
US Property Practice Leader, Marsh
Property Consulting Leader, Marsh Advisory