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For two hundred years, the modus operandi of the insurance industry has been to follow the status quo. Today, protecting and growing your business demands a new perspective. It is time for a different way of looking at risk.
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Umbrella and excess liability insurance are types of supplemental coverage that provide additional protection to individuals and businesses beyond the limits of their primary insurance policies, such as auto, home, or general liability insurance.
Additional Considerations
Coverage Extension: Umbrella liability insurance is designed to extend the liability coverage of your underlying insurance policies. It acts as a protective "umbrella" that goes beyond the limits of your primary policies.
Comprehensive Protection: It provides coverage for various liability risks, including personal injury, property damage, libel, slander, and even certain lawsuits that may not be covered by your primary policies.
High Coverage Limits: Umbrella policies typically offer high coverage limits, often starting at $1 million and going up from there. This extra coverage can be crucial in situations where a large liability claim exceeds the limits of your underlying policies.
Cost-Effective: Umbrella insurance is generally cost-effective when compared to the additional coverage it provides. Premiums are relatively low for the amount of protection offered.
Broad Applicability: It can apply to multiple underlying policies, such as auto, home, boat, and recreational vehicle insurance, consolidating your liability coverage under a single policy.
Mitigation Considerations
Umbrella and excess liability insurance are valuable additions to your insurance portfolio, providing increased protection against liability risks. Umbrella insurance offers broader coverage with higher limits and can apply to multiple underlying policies, while excess liability insurance specifically extends the limits of a single primary policy. Both types of coverage offer crucial financial protection in the event of large liability claims or lawsuits.
The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients.
According to a Moody's Ratings survey, reinsurance buyers are showing a strong preference for catastrophe bonds, with over 80% expecting to use them in the coming year, marking the highest demand in four years. Sidecars are also expected to see elevated demand, while collateralized reinsurance remains attractive but slightly less preferred than the previous year. Despite the shift toward alternative capital markets, buyers still value long-term relationships with traditional reinsurers.
Fitch Ratings expects strong growth in the alternative reinsurance capital market, particularly for catastrophe bonds and other insurance-linked securities (ILS), into 2025, unless significant catastrophe losses occur in the second half of 2024. Investor demand remains high due to attractive returns and limited recent loss activity, with a growing interest in private ILS and collateralized reinsurance.
The insurance-linked securities (ILS) market set new records in the first half of 2024, driven by strong demand from investors and robust catastrophe bond issuance, with over $12.3 billion issued across 49 transactions. Despite heightened catastrophe activity and significant insured losses, the ILS market remained resilient, with minimal impact on outstanding bonds. Swiss Re notes that the cat bond market continues to offer attractive relative value, with strong returns reflecting sustained investor confidence.
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