While environmental liability underwriters feel they have a much deeper understanding of the exposures they are assuming thanks to more scientific risk assessments, the vast majority of commercial insurance buyers are still taking a pass on the coverage even though rates have fallen to historically low levels for all but the most problematic accounts, players in the field complain.
Whether a high-profile event such as the BP oil spill in the Gulf will awaken more buyers to the need for such coverage remains to be seen, according to these market participants, who warn that many risk managers are underestimating their pollution liabilities.
“Pricing is extremely soft and competition is steep,” reports Gina Jones, director of environmental programs at insurance wholesaler Burns & Wilcox.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
