Three Common Post-Loss Property Liability Insurance Challenges

Regardless of size or location, every organization is exposed to risk which is why the role of risk manager is so important. Risk managers are tasked with the challenge of identifying and analyzing potential risks as well as implementing procedures to minimize their impact. In the best case scenario, the occurrence of a risk event does not result in a loss of any kind. Unfortunately, losses do occur and often it’s the steps you’ve taken pre-loss that put you on the fast track to recovery. Below we examine three common post loss insurance challenges and what you can do to avoid them.

Challenge #1: Data Accuracy

Understanding your organization’s exposure is critical for property risk analysis. This includes a complete property schedule as well as detailed property data (e.g. COPE, Secondary COPE). For organizations with many properties, this can become complicated as information can come from several sources. A system or process that integrates all aspects of property risk management and property stakeholders can be a great solution. Consider a system that lets you record regular property inspections and risk mitigation outcomes as well.

Challenge #2: Accurate Valuations

Understanding your organization’s exposure is critical for property risk analysis. This includes a complete property schedule as well as detailed property data (e.g. COPE, Secondary COPE). For organizations with many properties, this can become complicated as information can come from several sources. A system or process that integrates all aspects of property risk management and property stakeholders can be a great solution. Consider a system that lets you record regular property inspections and risk mitigation outcomes as well.

Challenge #3: Policy Exclusions

One current challenge in this hard market is the availability and affordability of insurance/reinsurance. With wildfires, an increase in severe convective storms, and flooding, underwriters have incurred significant losses over the past five years. In 2022 alone, there were eighteen different billion-dollar disastrous weather- and climate-related risk events at a cost of over $165 billion. As a result, insurers have become more choosy about their insureds, working to balance their portfolios with property in less high-risk areas in order to mitigate loss. But these increased weather events also mean the demand for insurance and reinsurance has increased. Insurers no longer must compete to attract quality insureds, so premiums have skyrocketed, too. As a result…

The Big Step to Loss Prevention

Taking action based on a solid understanding your organization’s exposure, the value of its property, as well as policy coverage and exclusions is a step in the right direction when it comes to being prepared for recovery efforts in the event of a loss. If you’d like to speak with an expert in more detail about how you can collect and track this information alongside detailed property information, feel free to contact us at any time, info@centurisk.com.

Want to see how Centurisk’s AMP Property Risk Management software can help keep you prepared for tomorrow’s big risk challenges? Simply fill out the form below and a member of our team will be in touch!

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