 Swett & Crawford’s SVP Ben Beazley addresses market challenges. |
Ben Beazley, Swett & Crawford senior vice president and property manager, delivered a thought provoking presentation on “Today’s Market Challenges” to the Los Angeles CPCU’s at their September meeting.
Beazley, who is in the middle as a market wholesaler, discussed both sides of property insurance transactions which involved insureds, retail producers and underwriters. The commercial property insurance market has changed considerably over the past year, which has resulted in substantial premium increases, coverage decreases and deductible increases. He pointed out the importance of producers securing the required underwriting information and the underwriters’ challenges in managing workload and delivering a timely response. There are signs pointing to a leveling off of premiums but the pricing mechanism and risk selection process will continue to be subject to a thorough underwriting evaluation.
Chapter vice president Tessa Lucero, Marsh, adjourned the meeting.
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