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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
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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