With a massive spike in claims activity and increased scrutiny from regulators driving a contraction in capacity, it has never been more important to consider all available options when developing and implementing your risk financing strategy. What’s more, this trend has been seen in all regions, aside from the North American marketplace, since early 2019.
To assist our clients in planning for these challenges, we have published our view of the Global Professional Indemnity market. The report outlines specific trends by region but there are notable differences from region to region discussed in this report.
A few keys to managing in this time of uncertainty are universal regardless of geography:
- Time is critical. Engage with markets well in advance of renewals and expect significantly more questions and data requirements from insurers, including in person presentations to underwriters.
- Align expectations with internal and external customers. Costs may increase significantly and making sure risk financing costs, including insurance, are appropriate will be critical.
- Capacity restrictions will require engaging additional insurers and likely program restructuring; so work with our Willis Towers Watson Professional Indemnity brokers to identify all potential market partners and develop program alternatives.
Download your copy of the report to discover a region by region analysis highlighting the changing market conditions and how you can best navigate in these challenging times.