By Alex Wright for Risk&Insurance
Risk managers and their brokers are restructuring their liability programs as markets shift and underwriters take a closer look at exposures.
The general liability market has changed beyond recognition since the start of the COVID-19 pandemic.
Ever-increasing economic and social inflation, medical expenses and litigation financing have all resulted in spiraling claim losses and legal costs, which continue to outstrip rates. Added to that, sexual harassment cases are on the rise, and decades-old general liability policies have been exposed as many states have removed limitations on financial recovery and victims have been given more time to file or proceed with claims.
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