Property Risk
BKS property insurance experts utilize a unique approach to developing and negotiating property insurance programs. In order to drive the optimal outcome in the design and placement of property insurance programs, our team of professionals takes a multi-step process and analytical approach to generating results.
One of the challenges facing property catastrophe insurance buyers is that carrier risk models are not often transparent, and their brokers don’t often have the modeling tools to develop alternative strategies. BKS performs upfront catastrophe modeling to shed light on “black box” carrier risk models. By bringing our own modeling results to the underwriting process, we can successfully negotiate improved PML factors from an informed position. BKS analytics-based approach helps level the playing field for our property insurance clients.
BKS provides property risk management and insurance expertise in the following areas:
- Identifying your top “PML or cost drivers” for wind and earthquake risks
- Developing asset hardening strategies (strategies to reduce property catastrophe insurance premiums through engineering or operational improvements)
- Avoiding the “assumption tax” that carriers often incorporate into loss models for incomplete or minimal data
- Pre-modeling the PML of your property portfolio with multiple industry models to strengthen your negotiating position
- Generating detailed analysis of underwriting data including the targeted collection of secondary construction characteristics to improve loss modeling results
- Access to and control of facultative reinsurance
- Risk engineering advice
