Takeaways from State of the LPL Market Panel Presentation at ABA National Legal Malpractice Conference 2017

Takeaways from State of the LPL Market Panel Presentation at ABA National Legal Malpractice Conference –  Boston 2017

  1. Big Data is changing Underwriting, Broking and Claims Handling and helps to keep the LPL and APL markets highly competitive and insurance reasonably priced.
  2. P & C events, such as Hurricanes in the Caribbean, no longer  drive rates up for Lawyers and Accountants because carriers now distinguish between Casualty and Professional Liability risks.
  3. The Great Recession, the largest economic crisis in 70 years, created a hard market that only lasted about six weeks.
  4. Capital to insure professionals keeps pouring into the market, despite an increase in huge claims individually exceeding hundreds of millions of dollars.
  5. Despite all the positive developments, premiums have increased between 2 and 4% on average for Lawyers E and O insurance in 2017.  While 20 years ago this would have been classified as an annual inflation adjustment, now  it may be the closest thing we will see to a hard market for some time.
Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Print this pageEmail this to someone