Financial Institution Bond insurance renewal premiums fell within a “stable” range (+/- a few percentage points) in 2016. Internal distractions within three of our top-ten financial fidelity insurers (Ace/Chubb merger, AIG’s fidelity restructuring and Zurich’s diversified financial restructuring) diminished the level of competition in 2016, and we expect this lackluster competition to continue into 2017.
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The Management Liability insurance marketplace for Banks remained highly competitive throughout 2016, largely due to an abundance of underwriting capacity fostering competition among insurers.
Perhaps no single event in modern U.S. history may have a greater impact on the U.S. healthcare sector than the 2016 Presidential Election. Do the results of the election indicate a mandate to repeal and replace the Affordable Care Act (ACA)?
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 changes from -1% to 2%, whereas previous rate increases ranged from 0% to 5% when there was no change in financial condition, exposures or losses.
As 2017 begins, the global environment for ‘change’ seems to be everywhere on a geo-political basis, the likes of which we have not witnessed in quite some time. With this uncertainty, hard assets tend to be viewed as a safe haven and certainly the real estate market has benefitted from the current environment.
While the future regulatory landscape under the new administration is still uncertain, the outlook in the insurance marketplace for asset manager management and professional liability insurance remains predictable. 2017 appears to be another year of favorable purchasing for asset manager insurance, on the heels of two plus years of soft market conditions.
The kidnap and ransom (K&R) insurance marketplace continued to be competitive throughout 2016 and is anticipated to remain competitive in 2017. For companies with limited foreign travel and locations, premiums are as low as $400 per million
As we realize the extent that technological advancements have had on all organizations, we take an insurance perspective to look back at 2016 while also looking forward to 2017. Overall, 2016 was a year of stability for the cyber insurance industry. However, a relatively new insurance concept has evolved; cyber insurance can now be referred to as “traditional” cyber insurance.
Following an inflection point around April 2015, the market quickly softened for both commercial and financial institutions D&O. Driven by an influx of new and renewed capacity, forgiveness was granted to many market segments previously viewed as troubled, with the better risks within such sectors seeing healthy decreases in premium in some cases.
In 2016 primary insurers proved to be fairly disciplined in their underwriting. 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. Absent adverse claims development, even accounts with high risk profiles found a fairly stable market.