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The hard and soft market cycle remains one of the insurance industry's most powerful yet least understood forces. In this eye-opening conversation with industry veteran Chris Burand, we peel back the curtain on what's really happening within carrier boardrooms during the current market hardening.

Most insurance professionals under 40 have never experienced a genuine hard market until now. With remarkable clarity, Burand explains how we're potentially facing "the hardest market since the mid-80s" despite carriers posting record profits last year. This seeming contradiction points to the fundamental truth that hard markets stem from balance sheet weaknesses, not income statement problems.

The roots of our current crisis trace back to 2018 when carriers made a fateful decision to reduce reinsurance purchases, effectively doubling their growth rate while increasing catastrophic exposure. When devastating Midwest storms struck and investment losses mounted, the industry's surplus position deteriorated dramatically. What's particularly troubling is Burand's revelation that some major carriers have borrowed significant portions of their surplus or invested heavily in junk bonds, creating serious quality concerns beyond mere quantity issues.

For claims professionals, these market dynamics directly impact daily operations through staffing reductions, heightened scrutiny of settlements, and increased pressure to control costs. Understanding the "why" behind these changes provides valuable context for navigating today's challenging environment.

We also explore how third-party litigation funding, excessive verdicts, and problematic risk assessment models are creating scenarios where certain risks simply can't be priced at any level. These structural challenges suggest the current hard market may persist much longer than historical patterns would indicate.

Whether you're an insurance adjuster trying to understand why your job just got harder, a broker explaining premium increases to clients, or simply someone curious about the forces shaping the insurance landscape, this conversation provides essential insights into the trillion-dollar tightrope the industry is currently walking.

Ready to deepen your insurance industry knowledge? Subscribe now and join our community of claims professionals committed to mastering the art of adjusting.

For more insights, you might consider a career in liability adjusting or if you're searching for reliable adjusting services, visit Auten Claims Management.

To explore more about Chantal Roberts and her contributions to the industry, visit CMR Consulting.

Promotions:

• Once Upon a Claim: Explore the magical world of claims adjusting through fairy tales. Get your copy now.
• The Art of Adjusting®: Master the art of claims adjusting with practical insights and expert advice. Purchase here.

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What keeps insurance adjusters up at night? From catastrophic losses that inspire genuine nightmares to the frustration of policy limitations that leave families vulnerable, our latest episode delves into the claims that haunt adjusters long after they're closed.

Bill and Chantel share their most memorable cases, including the heart-wrenching story of a truck driver whose family went without heat or electricity during winter holidays because of payment delays, and homes insured for a fraction of their replacement cost. These situations highlight the emotional reality of claims work - when adjusters recognize injustice but face constraints beyond their control.

The conversation takes a lighter turn with Chantel's account of perhaps the strangest claim ever filed: a truck driver who insisted aliens abducted him, took his 18-wheeler for a joyride, and abandoned it in the Nevada desert. Despite the obvious Ambien-induced explanation, the claim was actually covered - creating the surreal situation of documenting extraterrestrial vehicle theft.

We also address serious safety concerns adjusters face in the field - from confrontational policyholders to having ladders removed while on roofs. Our hosts offer valuable advice for new adjusters on de-escalation techniques and maintaining professionalism when being recorded by hostile parties.

Beyond the technical aspects of policies, adjusting is fundamentally about people navigating difficult situations. Whether you're an experienced adjuster or considering entering the field, this candid conversation reveals the human stories behind the paperwork and the emotional intelligence required to handle them effectively.

For more insights, you might consider a career in liability adjusting or if you're searching for reliable adjusting services, visit Auten Claims Management.

To explore more about Chantal Roberts and her contributions to the industry, visit CMR Consulting.

Promotions:

• Once Upon a Claim: Explore the magical world of claims adjusting through fairy tales. Get your copy now.
• The Art of Adjusting®: Master the art of claims adjusting with practical insights and expert advice. Purchase here.

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Every adjuster encounters that frustrating situation where an insured has received their claim check but refuses to start repairs. They're stuck in limbo, paralyzed by the belief that beginning work means surrendering their right to coverage for additional damages that might be discovered later.

This episode explores the psychology behind repair hesitation and offers practical solutions for getting claims unstuck. At its core, the problem stems from fear – though most insureds wouldn't identify it as such. They've absorbed the cultural narrative that insurance companies are trying to "screw them over," making them afraid to take any action that might jeopardize their claim.

I walk through the delicate balancing act adjusters must perform: we can't directly tell insureds to make repairs (creating potential liability), yet we must communicate policy requirements to protect property from further damage. This requires becoming translators of "insurance-ease" into plain English while acknowledging the insured's legitimate concerns.

The most effective approach combines verbal explanations with written documentation. Phone conversations allow for nuanced discussion and tailored examples that address specific fears, while follow-up letters provide clarity and record-keeping. I share specific language and techniques that help insureds understand complex concepts like supplements, file reopening, and the difference between contractor estimates and insurance payments.

For adjusters dealing with stalled claims, this episode provides both empathy for the insured's perspective and practical strategies to move claims forward without overstepping professional boundaries. By addressing the underlying fear, we can help policyholders protect their property while maintaining trust in the claims process.

For more insights, you might consider a career in liability adjusting or if you're searching for reliable adjusting services, visit Auten Claims Management.

To explore more about Chantal Roberts and her contributions to the industry, visit CMR Consulting.

Promotions:

• Once Upon a Claim: Explore the magical world of claims adjusting through fairy tales. Get your copy now.
• The Art of Adjusting®: Master the art of claims adjusting with practical insights and expert advice. Purchase here.