After weathering a devastating year for catastrophes, buyers of both property and liability coverage are for the most part quite pleased with what they are seeing for upcoming renewals—even for difficult placements.
This upbeat assessment is especially true for buyers with a positive risk history and solid broker/market relationships—both of which can make all the difference with the ultimate terms of any renewal.
Although the Joplin hospital is not one of Advocate Health’s, the devastation it suffered still serves as a learning exercise for Pacini and her employer. “It’s not very often that you hear about a hospital in the mid-United States having that type of an issue, but it’s something that has raised eyebrows and focused more attention around hospitals,” Pacini adds. “And not only in our property program, but also in our opportunities to improve around crisis management and incident command.”
Lori Seidenberg, vice president of enterprise risk management for Centerline Capital Group in Manhattan, has been focusing on renewing property coverage for wood-frame apartment buildings—dwellings insurers aren’t exactly enthused about, she says.