A Glimpse at the Current State of Attorney Professional Liability
Mike Shea, contributing writer of The Legal Examiner, recently took a look at the global market for lawyer’s professional liability insurance. His findings included evidence that the “hard market” is coming, however he notes that there’s only been isolated areas across specific areas of practice that have experienced such hardening. As an agent or broker with lawyer and attorney clients, it’s imperative that you always remain aware of the current state of the Attorney Professional Liability Insurance market.
Shea states that there are certain practice areas that remain challenging; including plaintiff class action, mass tort, and medical malpractice. However, since certain key carriers have taken a new approach to underwriting these practice areas, the overall market participation for these risks seems to have opened up, according to Shea. Despite the difficulties in these markets, in addition to markets such as Intellectual Property and Securities Law and Mortgage Default (Foreclosure), Shea feels that the state of the market is fairly positive.
He compares the hardening markets of today to that of 2001 and the 1980’s, saying that now there is just too much capacity and competition for business both in the underwriting and broker space of Attorney Professional Liability Insurance. Based on the evidence collected, it’s believed that we are still many years away from a truly hard market.
In addition to bringing you the latest news and relevant information from the insurance industry, PLRisk Advisors provides Resources for Agents and Brokers nationwide. We’ve recently implemented Hiscox Now, which allows agents their own access to Hiscox and instant quoting. PLRisk Advisors is a leading wholesale insurance brokerage covering the professional liability market. For more information about our products and services, please contact us today at (855) 403-5982.