A leading indicator of the Employment Practices Liability (EPL) marketplace is the number of Equal Employment Opportunity Commission (EEOC) claims filed and the number of EEOC claims is directly related to the fortunes of the economy. As a result of the ongoing recession, by 2011, the number of discrimination complaints reached an all-time high of 100,000. However, as the economy improved, EEOC claims decreased, and by 2014, EEOC claims were back to pre-recession trends.
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The healthcare industry in the United States continued to see tremendous changes in the way it delivers care and the compensation received for the care provided in 2015. The turbulence created by the Affordable Care Act (ACA) continues and many providers are struggling to maintain profitability in the current reimbursement and regulatory environment.
Favorable loss ratios and new capacity did, indeed, lead to softening market conditions in 2015. Underwriters’ quotations included coverage enhancements as well as modest premium reductions. Crime insurance market observers are really focused on the coverage enhancements rather than pricing.
This report reviews the current management liability state of the market, current trends in pricing, terms and market capacity, claims activity and other pertinent factors specifically for the banking industry. Lastly, we provide a forecast of anticipated market conditions in 2016.
The marketplace for kidnap and ransom (K&R) insurance remained stable and competitive through 2015 and we expect this continue into 2016. Premiums are as low as $600 per million for companies with limited foreign exposure (locations or travel).
The strong real-estate cycle continued to march forward and even the much discussed concern over the Federal Reserve’s increase in interest rates in 4Q2015 did not seem to have an effect on slowing it down. Investors, especially foreign capital, continued to want exposure to U.S. real estate in all of its forms, and this has driven values higher.
In 2015, primary insurers were disciplined in their underwriting for the most part. Increases varied based on the risk characteristics, but for most accounts, year-over-year increases were generally flat despite the fact that some carriers were targeting higher increases.
This market report will provide a snapshot on current industry topics, industry E&O snapshot, claims activity and our forecast for 2016.
As the U.S. economy continues to recover, so too have the businesses of most of our private and nonprofit clients. As a result, D&O markets generally have seen marginal rate increases from 0% to 5%, whereas previously rate increases ranged from 5% to 10% when there was no change in financial condition, exposures or losses.
The year 2015 should be remembered as the year that the cyber insurance market took a first step toward risk engineering following the mega breaches of 2013 and 2014.