Mutual Underwriting Survey Discussions Starting Soon
By Brett Daniels, Vice President of Reinsurance
It’s that time of year again for Mutual Underwriting Survey discussions. If you haven’t already heard from your Reinsurance Client Representative, you will soon. The information you provide to WRC on these surveys is crucial and enables us to gain an understanding of every client’s current situation. This is your chance to highlight what’s working well, what changes you’re making and what we can do to assist you. The Survey has been streamlined and is now only two pages.
Our visits with you this year will be focused on three main points. First, we are interested in what rate action you and your board of directors have decided to pursue in 2023. Our hope and expectation are that you will take appropriate rate action each year.
The second point is how you are keeping your book insured-to-value. Are you running estimators through E2Value or another software tool annually, every two years or every three years? If you’re not using software, how do you keep pace with inflation?
Finally, each Mutual Underwriting Survey discussion will continue to focus on deductibles. We want to see that the mutuals we partner with are moving toward a $2,500 wind/hail deductible as recommended by our global reinsurers.
We look forward to visiting with each of you this spring and discussing the steps your mutual is taking on these key measures. WRC has acted to improve our financial situation in response to this challenging environment, and we ask that you also act to protect your mutual and your insureds.
WRC exists to support your mutual and we are ready to lend a hand whenever you need it. We appreciate you and your partnership.