Filed Under:Carrier Innovations, Analytics & Data

As Prices Firm, Commercial Lines Execs Focus on New Products, Producer Partnerships

Energy, transportation, D&O, life sciences and cyber are all seen as growth areas; rising rates will drive risk managers to value-adding carriers that lower total costs

After a rough, cat-filled 2011, how do commercial-lines carriers feel about 2012? NU asked several key players for their perspective on which lines offer new opportunities; how they will expand their distribution channels;  where carriers will be investing; and how they will handle relationships with risk managers as the market hardens and rates increase for the first time in years.

Scott Higgins
President
Travelers Commercial Accounts

Robert Cox
Executive Vice President
Chubb & Son & COO for Chubb Specialty Insurance

In 2012, we will continue to monitor areas related to the weak global economy, heightened regulatory requirements and new legislation, and data-security breaches.

Additionally, there are opportunities for carriers that have done the heavy lifting: investing in the people, products and services that agents need to be successful, which has positioned them to take advantage of emerging opportunities in the marketplace. Those companies whose books of business are not solid now will be especially challenged to perform in the coming year.

Certainly, the trends toward agents seeking more specialized industry and product offerings to complement their increasing sophistication will continue. Companies that have made investments in unique niches and segments, and that offer the professional- and management-liability products to round out those accounts, will reap the benefits.

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