Paul Lucas 00:00:06
Hello everyone. Welcome to the Insurance Business, a TV and special program looking at the E&S space in association with Axis. It’s now safe to say that the property market is challenging right now, especially after what seems like increasingly unpredictable weather. We’ve already seen hurricanes Beryl and Debbie this year, of course, but between strong storms and other dangerous events, there are opportunities for professionals in the space who know how to deal with market difficulties. So to explore these trends, we are pleased to welcome Michael Carr, Head of E&S architecture at Axis. Michael, welcome to the Insurance Business. TV,
Michael Carr 00:00:45
Thank you. Paul, I’m glad to be here.
Paul Lucas 00:00:47
So Michael, I touched on you above, but describe the current market conditions within the ens insurance area at the moment.
Michael Carr 00:00:55
For now, I can describe the en property market with two words you don’t often hear about E&S profit market stability and equity. I compare that to 2023 when there was a large amount of capacity released into the marketplace, and it was a challenging marketplace to serve our customers, vendors and insurers. However, we still feel that there is a good opportunity to shine as the market moves around and stabilizes and then balances out, there is something different in the market place in relation to the base area and the buffer is more affected by competitive pressure than the extremes. layers, where we feel like we are continuing at that time, and there is an opportunity there. Opportunities are still in the market. There is an influx of submission work to see and we continue to feel like we have a great book and portfolio that we continue to build on.
Paul Lucas 00:01:54
Well, that’s funny to May’s ears to hear that the market is recovering a little bit, but tell us a little bit about what’s driving those trends in this insurance market. Oh, talk about maybe external factors that drive underwriting decisions, and what you’re seeing in terms of claims work as well.
Paul Lucas 00:02:09
Tell us more about that, if you don’t mind. Michael, what’s new with Axis in the E&S equipment space, and where do you see those opportunities?
Michael Carr 00:02:09
The frequency and intensity of caddy vets continues to persist. In the first half of 2024 there were $60 billion caddy vets in the market. Most of those regional events were convective, shop and wildfire. So work from the developing region is a challenging market. That’s why you have to be guided in the way you work to make sure you have the right limits, management, exposure management, to work in this market place. We don’t expect that to change. It’s been 10 years, and we expect to continue. But there are still opportunities in the market.
Michael Carr 00:02:57
As I mentioned before, as far as the first phase and the buffalo, that is the area that we have built our technology over the years. However, we feel that there is some efficiency in the over-the-top market, volume has not returned to that space as easily as in prime buffalo and buffalo. We’ve hired Ben Ward, an expert in the high access space and his team, and we’re underweight in that area, and we feel like there’s an opportunity for a new disciplinary market that should look at offering restrictions. in that place.
Paul Lucas 00:03:32
And of course, Michael’s conference season is upon us. So what are your messages for big retailers, and what do you think is important for consumers working in what has been a complex E&S environment.
Michael Carr 00:03:47
Our outreach message is that we are still an engaging market in the E&S architecture marketplace. We feel there is a very big opportunity. An important aspect for us is being able to manage the influx of incoming businesses. We want to find a way to solve the problems of our customers, to offer options, other solutions, to be a market that can handle the influx. space, and at the same time, to solve problems. We are excited about the opportunities in the market, and look forward to solving the seller’s problems.
Paul Lucas 00:04:20
Yes, of course, I know you will be there at the annual WSIA market, so I’m sure many of our consumer viewers will be looking forward to seeing you there. And of course, we look forward to seeing you next time right here on insurance business TV.
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