Start with an already competitive environmental marketplace.
Next, mix in increased claim activity in certain areas and a significant carrier exit from the U.S./Canada site pollution/ pollution legal liability market; throw in some high-profile news events like the Flint, Mich., water crisis and a steady stream of pipeline leaks; and top it off with an incoming president who spoke during the campaign of gutting the Environmental Protection Agency, and you have what was an … active 2016, to put it mildly.
Or, as Willis Towers Watson states in its “Marketplace Realities 2017” report, “Be ready to navigate the most dynamic conditions (market exits/entries, personnel changes, emerging exposures, appetite shifts) ever experienced in the environmental insurance market.”
|AIG exit from mono-line PLL market
In the site pollution, or pollution legal liability (PLL) marketplace, the big story in 2016 was AIG's February announcement that it was exiting the mono-line PLL market in the U.S. and Canada. Yet the bigger story might be what happened afterward: As Joe Constantine, senior vice president and casualty broker at AmWINS Brokerage in Seattle, states in AmWINS' latest “State of the Market” report, “When AIG pulled out of the market, it had absolutely no hardening impact.”
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