Market Insights

Professional liability insurance trends to watch in 2021

The way insurers respond to these trends will determine whether they have a positive or negative impact on the industry.

By Thomas Bongi | March 03, 2021 at 12:00 AM

Here are five trends to watch in the professional liability market this year. (Photo: Shutterstock)

2020 was a year many called “unprecedented,” as we endured a global pandemic, natural disasters, and social and political unrest. Working remotely became the new normal, and face-to-face interactions became virtual. So what does 2021 have in store?

So far, we have ushered in a new administration, introduced new vaccines, and adapted our lives and businesses as best we can. In the realm of professional liability insurance, which protects individuals and companies that provide professional advice and services from negligence claims and lawsuits, we’re seeing a ripple effect from the drastic changes of the last year. These will continue to impact our business throughout 2021 and beyond.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
Educational webcasts, resources from industry leaders, and informative newsletters.
Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account? Sign In Now

Dig Deeper

Recommended Stories

Navigating the bumpy road ahead with an eye toward insurance’s future

John Smith | January 31, 2023

Besting today’s market challenges will require bringing in new talent, focusing more on loss control and reinforcing strict underwriting principles.

Study: Social inflation causes up to 11% of medical malpractice losses

PC360 Staff | January 26, 2023

The Doctors Company determined that social inflation is a key driver of higher medical malpractice insurance rates.

Keys to protecting an artisan contractor business and managing risk

John McGowan | January 25, 2023

It’s paramount for artisan contractors to protect their livelihoods, because specialized skillsets come with unique insurance needs.

Resource Center

This on-demand webinar shares new data and statistical analysis regarding the ongoing knowledge transfer being seen in the marketplace. Discover ways to help strengthen relationships between carriers and agencies.

On-Demand Webinar

Sponsored by Vertafore

The ABCs of Generations X, Y and Z

This on-demand webinar shares new data and statistical analysis regarding the ongoing knowledge transfer being seen in the marketplace. Discover ways to help strengthen relationships between carriers and agencies.

Browse More Resources ›

As property risk shifts to reflect a changing climate, having accurate, updated geolocation data is more important than ever. Download this white paper and learn how you can gain access to rich geolocation data that provides a current, complete picture of a property to be assessed.

White Paper

Sponsored by Melissa

Effective Use of Geolocation to More Accurately Manage Risk

As property risk shifts to reflect a changing climate, having accurate, updated geolocation data is more important than ever. Download this white paper and learn how you can gain access to rich geolocation data that provides a current, complete picture of a property to be assessed.

Browse More Resources ›

Modern-day insurance agencies reflect the need for renowned digital strategies in order to sustain long-term growth. Download this in-depth guide to learn tips and tactics to grow your insurance business by improving acquisition, conversion, retention and revenue:

Guide

Sponsored by Agentero

The Master Guide to Grow Your Insurance Agency in the Digital Age

Modern-day insurance agencies reflect the need for renowned digital strategies in order to sustain long-term growth. Download this in-depth guide to learn tips and tactics to grow your insurance business by improving acquisition, conversion, retention and revenue:

Browse More Resources ›

PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now

Copyright © 2023 ALM Global, LLC. All Rights Reserved.