As the world becomes increasingly precarious, new risks have either not been addressed or have been excluded by the industry, says insurance industry legend Patrick G. Ryan.
“We haven't been as responsive as we need to be,” the chairman and CEO of Ryan Specialty Group said at Advisen's Management Liability Insights Conference in New York in late September.
However, through innovation and a better spreading out of these newer risks—Cyber and Contingent Liability, for example—Ryan says the surplus-lines sector is in line for expansion.
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