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The main sentiment being felt by buyers of professional and financial lines insurance is relief, as premiums that had skyrocketed in the past few years have begun to stabilise. This shift to a levelling out of premium rate rises follows a return to profitability for insurers after 2017, 2018 and 2019 were the worst underwriting years on record, forcing a rapid hardening across the insurance market.
However, significant risks remain for buyers of directors and officers' (D&O) insurance and professional indemnity (PI) insurance in the form of industry-wide threats from global political and economic volatility, along with regulatory risks.
In our Business Insurance & Risk Market Update H1 2023 report, we look at the contributing conditions and how the entry of new insurance providers may be influencing management liability risk management, including:
Other topics in the report include:
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During this time of change you can turn to our Gallagher experts for advice and guidance. We are here for you and will do everything we can to help you face the future with confidence.
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient's industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers' control.
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