Insurer consolidation, smart technology and the sharing economy are three of the trends that will shape buyer and carrier behavior in 2016, according to Marsh. These trends will have far-reaching impacts on pricing, risk scrutiny and litigation. In its annual Top 10 List report, Marsh's U.S. Casualty Practice analyzes the state of the casualty insurance market, and identifies key trends that are expected to shape the insurance marketplace.
1. Lowering Rates
Insurers tell Marsh that current rates barely cover their losses after factoring in inflation and claim development. However, the economic turnaround from the past few years has led to increasing exposures, which has lessened the effects of these rate decreases while generating more premium. This dynamic will continue to offset 2016's downward rate pressure on competitive lines of coverage, including Workers' Comp, General Liability and Umbrella/Excess liability, Marsh predicts.
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