The state of the crime insurance market is very different depending on whether you are referring to the London or U.S. marketplace. The London market is experiencing market contraction with capacity pulling out of the crime market, particularly with respect to primary capacity.¹ This is particularly devastating because, at one point in time, London capacity was willing to provide full social engineering limits. Contrast that with the U.S. market, where the outlook is relatively stable. In 2020, we forecast slight increases in premium. We are beginning to see upward pressure on retentions and some capacity reductions. Those reductions do not seem to be the result of any book overhauls, but rather strategic in nature for large primary placements as an overall limits-management approach.

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