Our newly released Market Update report summarizes the latest insurance market, pricing and coverage trends, industry issues and overall outlook. To download your copy, scroll to the end of this post and request a download. Here are a few highlights.
Increased Exposure Puts Pressure on Employment Practices Liability Market
With the new California Consumer Privacy Act taking effect soon, an expected increase in EEOC-related charges on the horizon for employers with more than 100 employees, as well as continued claim activity related to sexual harassment and equal pay, look for insurers to react.
U.S. Property Insurance Market Continues to Harden Despite Relatively Quiet Year
Even without major catastrophes to date in 2019, loss-free accounts with low risk exposures are seeing rate increases between 7.5 % and 15%. Carriers are scrutinizing whether insureds have acted on loss control recommendations. If they haven’t, carriers may be unwilling to continue underwriting those risks.
Stormy Seas for London Marine Market
Several companies and syndicates have stopped writing cargo insurance, while others have cut back. Reduced capacity combined with costly losses—such as the Jim Beam, Macy’s and Tyson fires—and rate remodeling are resulting in premium increases anywhere from 20% to 100%. Reduced capacity and appetite change in the London market are expected to trigger firming in the U.S. market.
If you have questions about your commercial insurance, contact your Hylant service team member or your local Hylant risk management expert.
The above information does not constitute advice. Always contact your insurance broker or trusted adviser for insurance-related questions.