Insurance agents and brokers in 2023 may have trouble competing on price when it comes to professional liability coverages. Market experts advise them to look to other areas to remain competitive. (Credit: Andrii Yalanskyi/ Adobe Stock)
A softening of the management liability and professional liability insurance markets that started in 2022 continues this year, according to the 2023 U.S. Management and Professional Liability Market Outlook released recently by Risk Placement Services (RPS).
"The management liability and professional liability market as a whole is still a challenging sector for agents to operate in," RPS Executive Vice President for Executive Lines Manny Cho said during a recent webcast about the new report. "Even if affordable coverage is not hard to come by and customers are happy with the rates they're being presented with, there are nuances and differences of coverage that really need to be paid attention to."
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
