The Property Insurance Market Has Hardened

In our February 2019 Industry Insight article, we looked at the insurance industry focusing on building resilience with those insured to be prepared for natural disasters. The underlying premise being that natural disasters will occur; it is no longer an “if”, it is about the when.

In that article, we pointed to the insurance markets hardening to face the pressure of mounting losses. We are now in the midst of a hard property market and the impact on renewals and premiums is certainly felt.

Characteristics of Soft and Hard Markets.

A strong economic climate, a favorable legal environment and/or few catastrophic events can increase insurers’ capacity, creating a soft insurance market. When the market is soft many insurers are competing for business and premiums are generally low. Insurers relax their underwriting standards and coverage is widely available. Underwriters are generally flexible and willing to negotiate coverage terms. Broad coverage is available with some extensions available for free.

A series of catastrophic events, a litigious legal environment and/or a poor economy can reduce insurers’ capacity to write new policies. The result can be a hard insurance market. A hard insurance market is the opposite of a soft one. When the market hardens, insurers tighten their underwriting standards. Some coverages may be difficult to secure as fewer insurers are competing to write policies. Premiums are relatively high and insurers are disinclined to negotiate terms. Broad coverage may be costly or unavailable but some coverage extensions may be available for an additional premium.” (1)

As the chart below depicts, we do have catastrophic events and their costs rising, which are having a direct impact on the insurance market hardening (2).

We are seeing the insurance market acknowledge the hardening of the property market and what that means for insureds, brokers, and property managers in property markets.

“At the end of 2018, the property market had begun to see some firming, and that continued into Q1 of 2019. As we move into Q2, this trend has not just continued; it has accelerated.”

“The message for retailers is that things are changing in property more quickly than expected, and the changes are deeper than anticipated,” says Harry Tucker, Executive Vice President and National Property Practice Leader for AmWINS.

Adverse loss development has been a catalyst in this acceleration. Two consecutive years with combined ratios exceeding 100% across the market has heightened the focus of management teams and underwriters to drive rate and reduce aggregate exposure. Increasing rates are creating a deeper and broader change in the market. The obvious tough classes – including frame habitational, recyclers, and open lot – were the first to be affected, but now the trend has crept into broader classes and non-CAT exposed business.

“Along with rate increases, we are seeing more tightened risk selection, reductions in limits, increased deductibles, and close review of policy forms,” says Tucker.

However, the bright spot for clients is that the market is still well capitalized. “Carriers still want to write premium,” says Tucker. “The difference today is that they are applying a level of underwriting discipline we haven’t seen in quite some time.”(3)

The below graph graphically depicts the pricing trends in property renewals (4):

As property owners and/or tenants, brokers, and property managers, we would encourage you to look at your insurance program against the backdrop of the increase in natural disasters driven by climate change and the changes to occurring as underwriters are dealing with these variables as they develop insurance premiums. You need to understand your exposure, your values, your risk management strategies and your policy wordings. Being forewarned, will assist you exponentially in the event of a loss.

Discuss Property Appraisal w/ one of our Pros!

Valuation Consultant VC-WI-19-11

Valuation Consultant, Industrial Valuations Group

Full Time Permanent Position

Grafton, Wisconsin

VC-WI-19-11

Suncorp Valuations is a full service appraisal and valuation consulting firm.  From offices in Canada and the U.S.A. we provide global valuation services for land, buildings, machinery and equipment, that is used for financing, litigation support, mergers and acquisitions, and insurance placement purposes.  For more information on our services please visit our website at www.suncorpvaluations.com.  

The Role.

This full time permanent position is located in Grafton Wisconsin and reports to the Senior Managing Director, Industrial Valuation Group.  The focus of work is on the development of valuation reports for industrial properties.  This includes, but is not exclusive to banks, public and private companies, insurance companies, private equity groups and insurance brokers.  Through site inspections, research, expert analysis and collaboration, you will develop a solid and defendable rationale for the final value assigned to a property.  This requires the ability to develop, accurately prepare and present defendable conclusions of value, using the cost, market and income approaches to value.   

The Ideal Candidate.

Along with the required credentials, you enjoy working with a group of professionals and excel at research and analysis.  Although you are able to work independently, you enjoy leveraging the knowledge of coworkers to complete accurate assignments.  You have no problem working in a small office while collaborating with stakeholders in other offices.  You easily manage multiple projects and are naturally focussed on providing internal stakeholders and external clients with high levels of service.  You enjoy a role that provides in-office work, client interaction and travel to perform on-site investigation of client assets.

On a personal note, you are interested in developing your career through participation in internal and external professional development and enjoy a role that provides a combination of office work and travel to client sites.  Preference will be given to those that are a candidate member of the American Society of Appraisers.    

The Requirements

  • University Degree or Diploma in a complementary discipline; Engineering, Physical Sciences, Finance, Economics, Construction, Architectural Technology or a related field;
  • ASA designation will be considered an asset;
  • Minimum of 3 years of experience, preferably appraising machinery, equipment and/or buildings;
  • Valid Driver’s License, clean driving abstract and access to safe, reliable transportation.
  • Willingness to travel to client sites, including extended stays, and international travel;
  • Bone fide requirements of the position include possession of a current or ability to obtain a valid North American passport and no restrictions that impact obtaining a VISA.

The Competencies

  • Strong customer services skills;
  • Proactive, with a desire to drive results and exceed goals;
  • Strong planning, organizational and time management skills;
  • Solid computer skills, including advanced knowledge of Microsoft Office Suite;
  • Able to work with complex spreadsheets;
  • Excellent oral and written communication skills with acute attention to detail;
  • Expert project planning skills with the ability to work on multiple task;.
  • Able to collaborate, share knowledge and leverage expertise as needed;
  • Self-directed with the desire and ability to work independently.

The Application Process 

Please send your resume, cover letter and compensation expectations via email and include in the subject line the competition number, followed by your first and last name.

Email:       

 

HR@suncorpvaluations.com

Comp # 

 

VC-WI-19-11

Deadline: 

 

June 28, 2019

We thank all applicants for their interest in this position, however, only those selected for interviews will be contacted.  Please note that we do not accept phone or email inquiries in regards to open positions.

 

Apply Now

  • File types permitted for upload are: doc, docx, txt, rtf, pdf

Valuations Consultant VC-BC-19-10

Valuation Consultant 

SUNCORP VALUATIONS

1 Full Time Permanent Valuation Consultant

Vancouver Office

Competition Number:  VC-BC-19-10

Headquartered in Saskatoon, Suncorp Valuations is a dynamic growth-oriented leader in the global valuation industry.  Through offices in Canada and the U.S.A, we offer a full range of valuation, consulting and costing services for land, buildings, machinery and equipment, and for intangible assets such as patents, copyrights and franchises. 

Utilizing robust research methodologies, valuation consultants develop reports that provide an opinion of value for assessed property and other assets.  Clients utilize reports for a variety of requirements including regulatory compliance, financing, litigation support, mergers and acquisitions, purchase price allocation, insurance placement and claim settlements.  Risk Management Services assist clients by identifying and mitigating risks such as the potential for accidents, property damage and theft.  For further details please refer to our website at www.suncorpvaluations.com

The Role.

We are seeking a Valuation Consultant to join our Private Sector Team in Vancouver, BC.  The role reports to the Managing Director, Private Sector located in Vancouver.  Through site inspections, research, expert analysis and collaboration, the Valuation Consultant develops a solid and defendable rationale for the final value assigned to a property. 

This information is presented to clients in a valuation report.  A large percentage of the work involves establishing the cost for the reconstruction of existing buildings for insurance placement.  

The Ideal Candidate.

Along with the required credentials, you enjoy working with a group of professionals and excel at research and analysis.  Although you are able to work independently, you enjoy leveraging the knowledge of coworkers to complete accurate assignments.  You have no problem working independently, while collaborating with stakeholders in other offices.  You easily manage multiple projects and are naturally focused on providing internal stakeholders and external clients with high levels of service to meet our Brand Promise of ON TIME, CREDIBLE, PROFESSIONAL.  You have solid construction knowledge, ability to gather thorough information while at the same time finding efficient ways to complete assignments.  

The Requirements.

  • Degree or Diploma in Engineering, Architecture, Construction, Finance, Architectural Technology or a related field;
  • Must have solid construction knowledge;
  • Previous appraisal experience, an understanding of building design and the ability to read blueprints is an asset;
  • Appraiser designation will be considered an asset;
  • Willingness to travel to client sites, including extended stays and possible international travel;
  • Valid Driver’s License, clean driving abstract ,and access to safe and reliable transportation;
  • Provision of a satisfactory criminal background check;
  • Valid passport or ability to obtain a passport and no restrictions in obtaining a valid VISA for travel.

The Competencies. 

  • A genuine desire to go above and beyond to provide excellence in client service;
  • Proactive, with a desire to drive results and exceed goals;
  • Strong planning, organizational and time management skills;
  • Solid computer skills, including advanced knowledge of Microsoft Office Suite;
  • Able to work with complex spreadsheets;
  • Excellent oral and written communication skills with acute attention to detail;
  • Expert project planning skills with the ability to work on multiple tasks;
  • Able to collaborate, share knowledge and leverage expertise as needed;
  • Self-directed with the desire and ability to work independently.

We pride ourselves in offering flexible work arrangements that allow our employees to balance work and life commitments.

THE APPLICATION PROCESS: 

  • Send your resume and cover letter to HR@suncorpvaluations.com
  • Also please include in your email in the subject line the completion code of VC-BC-19-10 along with your name.

·         Deadline: 

June 7, 2019

We thank all applicants for their interest in this position, however, only those selected for interviews will be contacted. 

Apply Now

  • File types permitted for upload are: doc, docx, txt, rtf, pdf

Manager/Director, Human Resources HR-SK-19-10

MANAGER/DIRECTOR, HUMAN RESOURCES

1 Full Time Permanent Position

Saskatoon, Office

Competition Number:  HR-SK-19-10

Headquartered in Saskatoon, Saskatchewan, Suncorp Valuations is a dynamic growth-oriented leader in the valuation industry, providing full service appraisal and valuation consulting services. Through offices in Canada and the U.S.A., we offer a range of valuation and costing services for land, buildings, machinery and equipment, and for intangible assets such as patents, copyrights and franchises.  Utilizing robust research methodologies, valuation consultants develop reports that provide an opinion of value for assessed property and other assets. Clients utilize reports for a variety of needs including regulatory compliance, financing, litigation support, mergers and acquisitions, purchase price allocation, insurance placement and claims settlement. Our risk management department assists clients by identifying and mitigating risks such as the potential for accidents, property damage and theft.  For further details please refer to our website at www.suncorpvaluations.com

THE ROLE

The position is located in Saskatoon and reports to the Owner/President of Suncorp Valuations. As a senior business partner, The Manager/Director, Human Resources establishes and supports human resource and organization development strategies that align with Suncorp’s vision, mission, objectives and business goals.  This role provides HR leadership and organization development expertise, direction, coaching and advice to Executive and Management teams, and HR support to mid and front line teams in all office locations. 

Through collaborative efforts, the Manager/Director, develops, communicates assesses, determines and directs Suncorp’s human resource policies, practices and procedures.  This encompasses program and policy development and deployment, and the coordination of HR processes, including but not limited to, corporate communication, full-cycle recruitment, employee movement, engagement, coaching and training, management development, performance management, and compliance management.  The incumbent works closely with the Chief Financial Officer in matters related to payroll, compensation and benefits.

A key focus of this role is to provide advice to the leadership group regarding HR policy & legislation, support managers dealing the employee issues, and develop and facilitate coaching and training programs to improve leadership capabilities. 

THE IDEAL CANDIDATE

Along with the required credentials, you are able to build trusting and credible relationships with all levels in the organization.  Your strong business acumen, operations, and HR expertise will ensure the strategic alignment of talent management practices.  There must be a desire

to continuously learn and keep abreast of Canadian and USA employment, OHS, human rights legislation in order to provide accurate advice for a multi-jurisdictional organization.  The ability and willingness to provide strategic, practical and tactical human resources support.  You have a natural ability to quickly assess the landscape of an organization and to influence new ways of thinking or doing things.  

THE REQUIREMENTS

  • Bachelor’s degree in HR, or a BA in a related field or equivalent education and experience.
  • Minimum5 years of progressive experience in a Human Resources.
  • Preferably 2 years’ experience as a line/operations manager.
  • Understanding of HR governance/legislation, infrastructure, policy and program development.
  • Proven project management, change management and implementation planning experience.
  • Well versed with Employment and OHS legislation.
  • Experience reading and interpreting financial documents.
  • Excellent computer skills, including proficiency with MS Office.

  THE ROLE COMPETENCIES: 

  • INSPIRED LEADERSHIP requires high levels of emotional intelligence, self-awareness, personal agility, innovativeness and decisiveness.
  • STRATEGIC OUTLOOK & ALIGNMENT includes the ability to innovate, understanding of the company and the market, conceptual thinking and business acumen.
  • DRIVE FOR RESULTS & EFFICIENCY requires decisiveness, strength in people management, action & change management and analytical thinking.
  • MANAGING & DEVELOPING OTHERS involves the ability to prioritize, delegate, coach, develop and empower others, communicate openly, praise successes, constructively communicate developmental opportunities and manage conflict.
  • COLLABORATIVE WORKING RELATIONSHIPS depend on high individual accountability, consistent delivery on commitments, refined interpersonal skills, including open and transparent communication, and alignment around goals and deliverables.
  • JOB MASTERY & DEVELOPMENT is dependent on the achievement of technical expertise in one’s chosen field and/or role and the establishment of credibility as a subject matter expert.

We pride ourselves in offering flexible work arrangements that allow our employees to balance work and life commitments. 

THE APPLICATION PROCESS: 

  • Send your resume and cover letter to Kim Poley at kim.poley@suncorpvaluations.com

·         Deadline: 

July 15, 2019

We thank all applicants for their interest in this position, however, only those selected for interviews will be contacted. 

Apply Now

  • File types permitted for upload are: doc, docx, txt, rtf, pdf

Valuation Consultant VC-WI-19-03

Valuation Consultant, Industrial Valuations Group

Full Time Permanent Position

Grafton, Wisconsin

VC-WI-19-03

Suncorp Valuations is a full service appraisal and valuation consulting firm.  From offices in Canada and the U.S.A. we provide global valuation services for land, buildings, machinery and equipment, that is used for financing, litigation support, mergers and acquisitions, and insurance placement purposes.  For more information on our services please visit our website at www.suncorpvaluations.com.  

The Role.

This full time permanent position is located in Grafton Wisconsin and reports to the Senior Managing Director, Industrial Valuation Group.  The focus of work is on the development of valuation reports for industrial properties.  This includes, but is not exclusive to banks, public and private companies, insurance companies, private equity groups and insurance brokers.  Through site inspections, research, expert analysis and collaboration, you will develop a solid and defendable rationale for the final value assigned to a property.  This requires the ability to develop, accurately prepare and present defendable conclusions of value, using the cost, market and income approaches to value.   

The Ideal Candidate.

Along with the required credentials, you enjoy working with a group of professionals and excel at research and analysis.  Although you are able to work independently, you enjoy leveraging the knowledge of coworkers to complete accurate assignments.  You have no problem working in a small office while collaborating with stakeholders in other offices.  You easily manage multiple projects and are naturally focussed on providing internal stakeholders and external clients with high levels of service.  You enjoy a role that provides in-office work, client interaction and travel to perform on-site investigation of client assets.

On a personal note, you are interested in developing your career through participation in internal and external professional development and enjoy a role that provides a combination of office work and travel to client sites.  Preference will be given to those that are a candidate member of the American Society of Appraisers.    

The Requirements

  • University Degree or Diploma in a complementary discipline; Engineering, Physical Sciences, Finance, Economics, Construction, Architectural Technology or a related field;
  • ASA designation will be considered an asset;
  • Minimum of 5 years of experience, preferably appraising machinery, equipment and/or buildings;
  • Valid Driver’s License, clean driving abstract and access to safe, reliable transportation.
  • Willingness to travel to client sites, including extended stays, and international travel;
  • Bone fide requirements of the position include possession of a current or ability to obtain a valid North American passport and no restrictions that impact obtaining a VISA.

The Competencies

  • Strong customer services skills;
  • Proactive, with a desire to drive results and exceed goals;
  • Strong planning, organizational and time management skills;
  • Solid computer skills, including advanced knowledge of Microsoft Office Suite;
  • Able to work with complex spreadsheets;
  • Excellent oral and written communication skills with acute attention to detail;
  • Expert project planning skills with the ability to work on multiple task;.
  • Able to collaborate, share knowledge and leverage expertise as needed;
  • Self-directed with the desire and ability to work independently.

The Application Process 

Please send your resume via email and include in the subject line the competition number, followed by your first and last name.

Email:          HR@suncorpvaluations.com
Comp #  VC-WI-19-03
Deadline:  May 1, 2019

We thank all applicants for their interest in this position, however, only those selected for interviews will be contacted.  Please note that we do not accept phone or email inquiries in regards to open positions.

Apply Now

  • File types permitted for upload are: doc, docx, txt, rtf, pdf