COVID-19 has taken center stage as the top business risk of 2020; however, other liabilities can significantly impact businesses and insurers for years to come, says a new report from Allianz Global Corporate & Specialty (AGCS). The "5 Liability Loss Mega Trends: 2020 and Beyond" report highlights five liability risk trends risk managers and insurance professionals should keep an eye on this year and beyond. "Pricing in the liability insurance market may have turned in recent months; however, social inflation trends and large court verdicts continue in the United States. This combined with expanded exposures for non-U.S. companies doing business in the U.S. and an increase in automotive part recalls are putting pressure on liability insurers," Ciara Brady, global head of liability at AGCS, said in a statement. "Overlay this with the uncertain economic outlook, political instability, and unknown impacts from coronavirus, and this is creating a challenging market for clients, brokers and insurers alike."

(Source: AGCS)
The AGCS report also spotlights the top causes of liability insurance claims within the past five years based on the value and number of claims filed. Defective products top the list as the most common and costliest cause of loss in recent years, followed by liability losses related to faulty workmanship and maintenance. View our slideshow for more details about the trends AGCS predicts will impact the risk landscape in 2020 and beyond, and click here for the full report. Related: |

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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