What’s on the minds of property risk managers? There’s a lot going on in regards to coverage, rates, changing market conditions, the need for innovation, and more. Maybe it’s time to take a look at the concerns and figure out what should be next for the industry.
Findings from the second annual Property Risk Management Survey from Advisen Ltd., a Zywave company, and Archipelago show that risk managers with large portfolios of commercial property seek a more proactive position in the value chain. Their goal is to move upstream within their organizations and influence strategy for initiatives around risk, resilience and mitigation.
The report outlines key results in the areas of stakeholder expectations, market transparency, and innovation. Some of the findings of the survey include:
- 54% are not satisfied with their property insurance program. Find out what’s driving this problem. Is it the hardening market or other factors?
- 69% see a reduced role for insurance in the future. What would risk look like? How would the role change?
- 66% want more transparency into property insurance underwriting and pricing. Risk managers want to receive feedback into what they can do to improve rates. Can that be adequately answered or are conditions changing too quickly?
This report also includes executive commentary from leaders in the property risk and insurance industry – Hemant Shah, CEO – Archipelago and Sean Ringsted, Chief Digital Business Officer and Chief Risk Officer – Chubb. These experts add their views on the evolving role of property insurance, how to drive innovation upstream, and how customers are looking for more than just coverage.
For the complete report, click here.