Search
 

E&S Market Update: Journey to the ’Great Spot’

The excess & surplus lines market has never been healthier, but rate competition can be fierce for clients large and small.

By Dave Lenckus | Updated on November 01, 2014

In the wake of the latest market correction toward softer conditions, some surplus lines experts are suggesting that once-hardening insurance markets are not what they used to be—and in fact, may never be the same again.

A year ago, the E&S market was still recovering from many of the lumps it took when Superstorm Sandy struck the East Coast in October 2012. The storm, which killed 280 people, caused $18.75 billion of insured damage—the third-costliest storm-damage loss for insurers in U.S. history, according to Verisk’s Property Claims Service. With rates increasing across the board on P&C risks as a result, surplus lines insurers and brokers had described the market a year ago as definitely firming, if not quite hard. Today, the consensus among executives is that the market is softer.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 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.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.