This update provides our insights on the current state of the insurance market for GB and NA Insurance Companies and what to expect for the rest of 2024.
The insurance company professional liability (ICPL) market is opening as it responds to greater competition, both on a primary and excess basis. New entrants to the class seek opportunities across the board as current rates tend to appear attractive relative to other financial service sector risks.
Consequently, we note some insurers challenging historical bias against ICPL by reconsidering risks which they may have previously declined or non-renewed.
Generally speaking, we are recommending that clients capitalize on this bullish environment and embrace 2024 as an opportunity to test their pricing, retention and policy language.
As always, when considering ICPL opportunities insurance underwriters will seek to evaluate how that risk is negotiating the current operational headwinds facing the industry, these include regulatory, environmental, social, governance, climate, fraud and social inflation and technology. An evolving exposure garnering considerable attention is artificial intelligence (AI) including the implementation and monitoring thereof.
As ever, we know from experience, it is those who engage with insurers to differentiate their risk profile that succeed in obtaining the most favourable market outcomes.
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FI Insurance Market Update April 2024
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