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Indian River County Board of County Commissioners *®* Gallagher <br />+CORE 360" <br />Read on for our analysis of the market conditions for each major line of coverage and guidance that will help ensure a <br />successful renewal outcome. <br />Property <br />Where we were: 2021 <br />• Between wildfires, civil commotion and major freeze events, carriers responded to 2020 and 2021 <br />events with increased deductibles, reduced capacity, and changes in coverage. For the third straight <br />year, carriers obtained significant rate increases across their Property portfolios. <br />• Less -modeled and unmodeled risks continued to plague the Property marketplace, such as wildfires, <br />flood and convective storms. <br />• Carriers scrutinized their clients' statements of value, demanding in many cases that values be raised. <br />• Carriers required clients to address existing engineering recommendations. In many cases, particularly <br />for clients going to market, carriers required or strongly recommended third -party engineering. <br />Property Rate Trends 2020-2021 <br />1�.�ie� 199% RS <br />7 7% <br />12% 'ISS% <br />8..8% <br />21020 2020 2020 2020 2021 2021 2021 2021 <br />421 Q2 423 Q4 Q1 422 423 Q4 <br />Source: Gallagher U.S. Gients ■ Medfan Rate Change 975th Percentile Rate Change <br />