"To improve is to change; to be perfect is to change often."

- Winston Churchill

Each year we feature a quote from Winston Churchill, from whose family home we take our name, Chartwell. This year's message gives an inspiring twist to another tumultuous year for the insurance industry, our country, and the planet.

Weather continued to dominate the insurance headlines with back-to-back hurricanes in the Gulf this year. Though Helene and Milton were somewhat unprecedented, they were not unexpected – climate scientists continue to caution that the severity and frequency of storms will continue to increase, and the insurance industry is paying close attention to these events.

The devastation in North Carolina offered a similar reminder that even elevated cities far inland are not immune to catastrophic damage from tropical events. Despite regional historical precedents for flooding in 1916 and 2004, the impact of Hurricane Helenes caught many by surprise, with tragic consequences that are still affecting the area as residents rebuild. Ed Kearns, the chief data officer at the non-profit First Street Foundation remarked on the lack of preparation that “risks are increasing more than we as humans can perceive.” We also know that many homebuyers are seduced by locations without guidance about environmental effects on their homes and their insurance rates.

The insurance industry as a whole is still well positioned to pay claims, with over $1 trillion in reserves and is in one of the strongest, inflation-adjusted positions in the past few years. While many insurance companies without a national footprint (especially those operating in high-risk states) became insolvent this year, our carrier partners have stayed resilient. Their strategy involves a combination of increased selectivity and implementation of rate adjustments to better reflect their exposure. While this resiliency has resulted in another year of steep renewal increases for our clients, this has been a necessary step to maintain profitability in a demanding claims environment. From property and automobiles to social inflation causing higher liability settlements, we continue to see very generous payouts from our insurers and we take comfort knowing that the chief priority of these partners is to pay claims consistently while remaining financially stable enough to do so. With no region proving immune to weather-related losses, it is clear to us that there is no alternative to well-capitalized, AM Best A- or higher rated insurers, and we remain confident that we are providing our clients with the best coverage and claims experience in the industry.

The first to announce the aforementioned increases, Chubb has started another unwelcome trend this year: In November, Chubb announced that they will implement a fee for paying premiums with a credit card. Though we are naturally displeased to hear this (particularly because it came on the heels of a substantial rate increase), it was not unexpected – after the courts ruled that merchants could charge the cost of the fees to the cardholders, it was only a matter of time before insurance companies embraced this opportunity. Unfortunately, Chubb will not be an outlier in charging for the use of credit cards; we have already received indications that other carriers are considering following suit.

Relationships matter the most to us at Chartwell, and we welcome every conversation with our clients, the good and the difficult ones. Our goals remain to provide you with exceptional service, to ensure you understand your insurance program, and to be a resource and advocate for you. As Churchill suggests, we will continue to grow and adapt to become the best version of Chartwell as the world changes around us.

Welcome Mary Lynn Skubak and Miller Schainker!

This year we welcomed Mary Lynn Skubak, the newest member of our support team. Mary Lynn has over 40 years of insurance accounting and is a positive force in the office. We are thrilled to have another seasoned hand on the team, and are grateful for Mary Lynn’s experience and optimism!

The Chartwellian Training Reserve has also grown this year, as Kristin Schainker welcomed Miller Schainker on November 6^th. Miller’s big sister Hazel is excited to see their ranks bolstered, and looks forward to teaching her little brother about reinsurance.

Holiday Hours

Chartwell will be closing early at 12PM CST on Tuesday, December 24th, and closed on Wednesday, December 25th. 

The following Tuesday, December 31st, will also be a half day with the office closing at noon, and remaining so until Thursday, January 2nd.

As always, we are available 24/7 over the holidays to assist you in event of an emergency. Please call us at the main phone number (312-645-1200) and our answering service will connect you to the Chartwellian on call.

For non-urgent, simple changes like mortgage or vehicle updates, please email us at service@chartwellins.com.

Wishing you and yours the happiest of holidays, and a wonderful new year.

Sincerely,

The Chartwellians

(Rebecca, Sarah, Eileen, Dyer, Kristin, Jenn, Megan, Kirsten, Jen, and Mary Lynn)