Ahead of this year’s WSIA conference in San Diego, here are some key trends affecting specialty lines.
Businesses are juggling a lot right now. First there was the COVID-19 pandemic, then global supply issues. An economic recession, labor market issues, rising inflation and other geopolitical headwinds soon followed.
With all these complex and interrelated risks, it’s no surprise excess and surplus lines (E&S) and specialty markets are growing. Brokers and buyers want thoughtful, bespoke solutions to the risks their companies and clients are facing.
But the market isn’t without its challenges. Over the past few years, rates have been on the rise as soaring verdicts, cyber risks, third-party litigation funding and other trends influence the market.
“The risks we underwrite to are becoming increasingly complex and more interrelated. There are a lot of headwinds in terms of macroeconomic and geopolitical factors affecting the market,” said Kristin McMahon, senior vice president, Global Risk Solutions North America specialty claims for Liberty Mutual and…
