Gallagher
What is Gallagher's benchmarking tool?
Gallagher Drive is our benchmarking tool that aggregates all our client data to benchmark appropriate limit options, recommends top carriers for the coverage line, and give insight into claim payments.
What market trends are we seeing in 2024 for Property?
The property market is seeing an increase of 10.1% of overall premium.
What market trends are we seeing in 2024 for Casualty?
Workers Compensation is experiencing a rate decrease of 1.8%.
Commerical Automobile is experiencing a rate 9.8%.
General Liability is experiencing a rate increase of 4.1%.
Umbrella is experiencing a rate increase of 7%.
What trends are we seeing in 2024 for Executive and Financial lines?
Directors and Officers (public and private): rate decreases are beginning to slow; severity of class action settlements continues to escalate; retentions are expected to remain flat.
Fiduciary: market conditions have stabilized; increase in excessive fee claims.
Employment Practices: stabilized market conditions with a tendency for a decrease in rate; increase in coverage enhancements, frequency and severity of claims are on the rise.
Crime: market conditions are firm yet stable; expect flat to modest single digit increases in 2024; social engineering losses are becoming more prevalent than employee theft.
Cyber: market conditions have stabilized; ransomware attacks are still the most active mode of cyber threat; reinsurers have emerged as a key figure in the growth of the Cyber market.
What is insurance?
Insurance is a contract between an individual or a business and an insurance company in which the policyholder pays a premium in exchange for the insurer's promise to pay a set amount of money if a covered event occurs.
What is Gallagher's learning management system?
This is a value add for assigning Gallagher as your Property and Casualty broker. Gallagher STEP allows you to allocate 10 free trainings on various topics and is able to be sent to an unlimited number of employees each year.
What is included in your Building Limit?
A building is considered a structure that has walls and a roof, is fixed to the ground, and is intended for permanent use. Buildings may also include attached structures.
What policies typically sit under your umbrella?
Automobile, General Liability, Employers' Liability
What claim trends are happening for Employment Practices Liability?
1. Religious Accommodation Cases: the Supreme Court expanded the rights of employees to bring religious accommodation claims by narrowing the definition of the undue hardship defense.
2. Joint Employment: the joint employer standard has been expanded by the National Labor Retentions Board.
3. Disability Accommodations and Remote Work: we have seen an increase in claims based on failure to accommodate remote work (this has led to mental health discrimination claims).
What is an insurance broker?
An insurance broker is a person who sells insurance to clients but does not work for any insurance company. A broker is an intermediary who shops around to multiple insurance companies to find the best deal for their clients.
What additional teams and products are under Gallagher's portfolio?
Gallagher Basset (TPA), Gallagher Benefit Services, Risk Placement Services (Wholesale Brokerage), Artex (Captive Insurance), Gallagher Re (Re-Insurance)
What is included in Business Personal Property?
Business personal property refers to the tangible assets owned by a business that are not permanently attached to a building or structure. It includes items such as furniture, equipment, machinery, inventory, supplies, and other materials used in the operation of the business.
What is an experience MOD and what does it mean?
Numerical representation of a company's safety record and is calculated by comparing the company's actual workers' compensation claims experience to the expected clams experience for businesses in the same industry.
An experience MOD of 1.0 is considered average, meaning the company's claims experience is in line with the industry average. If the experience MOD is greater than 1.0, it indicates that the company has had more claims or more severe claims than expected, resulting in a higher premium. Conversely, an experience MOD less than 1.0 indicates that the company has had fewer claims or less severe claims than expected, resulting in a lower premium.
What is new in the Directors and Officers market?
30+ new carriers entered in 2023, rate decreases are beginning to slow down and stabilize (flat to a decrease of 10%), and severity of class action settlements continues to escalate
What is an insurance policy?
What does Gallagher use to model Financial Lines in addition to Gallagher Drive?
The Executive and Financial Risk team was founded by a leader with a PHD in statistics. He created his model using external data points on claims losses. We take clients/prospects data and model a step further than Gallagher Drive against the third-party data to depict a limit recommendation against the claim trends.
What percent coinsurance is ideal?
100% coinsurance. This means that the insurance company will cover the entire cost of a covered event.
What is an aggregate limit?
What coverages does Gallagher Executive and Financial Risk team specialize in?
Directors & Officers liability, Employment Practices liability, Fiduciary liability, Crime, Kidnap, Ransom, and Extortion, Cyber liability, and Transactional Risk
What is included in an insurance policy?
1. the type or name of the coverage being provided.
2. policy details like the policy period, number, and premium.
3. names of the people covered and assets (if applicable).
4. the dollar limits on coverages and your corresponding deductibles.
5. a list of endorsements included in the policy or their total number.