Major factors impacting the 2022 construction liability, insurance market
Incumbent specialty insurance carriers are at a disadvantage for the first time in years.
By Adam Mazan and Russ Stein |
September 09, 2022 at 12:00 AM
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After more than two years of a turbulent P&C insurance market, mainly driven by rate increases and carrier-initiated displacement in the excess liability lines, the market has found more level ground. While there continued to be displacement in the first quarter of 2022, this time it came from brokers and insureds pushing to contain costs rather than carriers re-underwriting their books.
Between 2020 and 2022, there were more than 20 new excess casualty market entrants. These carriers — along with all the existing capacity with lofty growth goals — became more aggressive on new business deals.
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