In the coming year, insurers anticipate rate increases for management liability and professional lines, as they are increasingly concerned about the expanding scope of regulation, the escalating costs of compliance and risks associated with privacy violations and breaches of network security, according to “Management Liability and Professional Lines,” a survey from Torus, a global specialty insurer.
“The results of our second annual ‘Management Liability and Professional Lines’ survey show a marketplace that is firming across many customer segments and product lines,” said Jeffrey Grange, SVP, head of professional lines at Torus. “Poor loss experience in major classes coupled with increased exposures is driving rate increases. 2013 will be a challenging environment where coverage, limits and pricing are all on the table and actively re-negotiated at renewal. Underwriters must be prepared to maintain an open dialogue with producers and their clients, listening and working constructively to successfully navigate this complex and continually shifting risk environment.”
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