The U.S. market for financial and professional insurance coverage saw a number of challenges in 2018, including new privacy regulations, an increase in workplace sexual harassment claims as the #MeToo movement continued to gain traction and more securities litigation activity.
These risks are expected to continue in 2019, with some becoming even more difficult and requiring risk professionals, directors, officers, and others to take action to safeguard their companies and people.
Perfect storm
Many of the unfavorable developments in the financial and professional lines insurance market have not existed in more than a decade. Thus, it's now more important than ever to begin insurance coverage strategy discussions with business clients well in advance of policy renewal time.
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