A.M. BestTV: Professional Lines Attracts Host of Competitors, Says A.M. Best Senior Industry Analyst

OLDWICK, N.J.--()--In this A.M.BestTV episode, A.M. Best Senior Industry Analyst David Blades reviews a new special report that examines how new competition is driving premium growth for the U.S. professional liability segment. Click on http://www.ambest.com/v.asp?v=proliability317 to view the entire program.

“The growing interest in professional liability risk has led insurance carriers to look at this marketplace, and a lot of them feel that they have both the expertise and have developed products that truly can provide the kind of coverage that policyholders need,” said Blades. “The various coverages that are available in the professional liability sector, professional errors and omissions coverage, directors and officers (D&O) liability coverage, employment practices liability and cyber risk have given insurance companies different options. All of this activity has led to a very competitive marketplace despite market consolidations.”

Blades sees all lines of business as being affected by cyber liability. He believes that cyber risk and the emerging exposures involved make it paramount on the insurance companies to show that they can provide the security levels, privacy protections and exposure reduction methods needed by insureds and potential policyholders.

Blades anticipates the professional liability sector will be strong in 2017.

“A.M. Best’s expectation is that the market will remain robust. The companies from a D&O perspective that are looking to push premium growth specifically will focus on coverage enhancements and try to be first to market to drive their opportunities for premium growth. Those that are successful will have a chance to grow their premium,” Blades said.

To view the Best’s Special Report on the U.S. professional liability market, titled, “Fertile Ground for Growth, But Competition Escalating Rapidly,” go to http://www3.ambest.com/bestweek/purchase.asp?record_code=257559.

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A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

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Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com