COVID-19 has taken center stage as the top business risk of 2020; however, other liabilities can significantly impact businesses and insurers for years to come, says a new report from Allianz Global Corporate & Specialty (AGCS).
The "5 Liability Loss Mega Trends: 2020 and Beyond" report highlights five liability risk trends risk managers and insurance professionals should keep an eye on this year and beyond.
"Pricing in the liability insurance market may have turned in recent months; however, social inflation trends and large court verdicts continue in the United States. This combined with expanded exposures for non-U.S. companies doing business in the U.S. and an increase in automotive part recalls are putting pressure on liability insurers," Ciara Brady, global head of liability at AGCS, said in a statement. "Overlay this with the uncertain economic outlook, political instability, and unknown impacts from coronavirus, and this is creating a challenging market for clients, brokers and insurers alike."
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