We are a leading provider of professional liability insurance for both traditional and evolving professions. Our coverage supports lawyers, architects, engineers, and accountants, as well as businesses facing emerging risks, such as software companies, consultants, media firms, and retailers. We provide our services principally through four integrated teams of underwriters and claims experts. In addition, we use our experience and expertise in these professional classes to reinsure other companies that focus on professional liability insurance.
Particularly in light of the recent global pandemic, we’ve seen the professional liability market harden over the past 18 months. Changes in insurers’ appetite, rate hikes and reduction in capacity based on multiple interconnected risk factors that emerged pre-COVID have been solidified by the additional PL risks that recession conditions- as we are currently seeing around the world- tend to trigger. This means we see no indication that conditions will soften in the near future.
The adoption of remote working and the growing reliance on technology have increased the complexity of risk. As more businesses shift online, vulnerabilities in data protection and gaps in privacy policies demand immediate attention. For firms seeking the best professional liability insurance, addressing cyber-related exposures is now a critical component of comprehensive risk management.
The long-term impact of the pandemic on the professional liability insurance space remains to be fully realized. There is a high probability that businesses that suffer financial loss during this period will attempt to recover damages from affiliated professional service providers, including consultants, attorneys, and engineers. This could lead to an uptick in claims and further tightening of coverage terms across the industry. As a result, insurers may continue to refine policy language and enhance application processes to ensure sufficient protection for high-exposure professions.