In the evolving landscape of real estate insurance, rising star Sean Gabay, Vice President at Lockton and a 2023 Real Estate Power Broker awardee, shares insights on industry dynamics and strategies for client success.
Gabay’s journey into insurance began with a referral from a friend, leading to mentorship under an experienced professional specializing in residential condominium associations. This pivotal guidance fueled Gabay’s specialization in real estate insurance, particularly addressing weather-related concerns prevalent in the South Florida market.
“The complexity and critical thinking involved in solving the puzzle for a community and ensuring a positive outcome for everyone excites me the most about working in the real estate sector,” Gabay explains, emphasizing his dedication to aiding clients through challenging situations like claims and budget-aligned insurance solutions.
In 2024, Gabay observes a stabilizing real estate insurance market with increased capital infusion and expanded capacity. However, he identifies notable challenges, such as buildings overdue for recertification impeding insurance options, compounded by forthcoming legal changes affecting client needs.
To remain informed, Gabay maintains constant communication with carriers, underwriters, lawmakers, and industry professionals, complemented by regular reading to address evolving client needs effectively.
Gabay’s broking philosophy emphasizes meticulous program analysis, tailored guidance for coverage enhancements, and transparent carrier program comparisons empowering clients to make informed decisions.
Looking ahead, Gabay foresees a stabilized real estate insurance market offering predictability while remaining vigilant towards environmental events and unforeseen circumstances.
For aspiring insurance professionals, Gabay advises embracing continuous learning, building strong relationships, and prioritizing exceptional client service as cornerstones for a successful career in insurance.
