IQ: Torus Surveys PLUS About Market Trends

According to a recent Torus survey, 87 percent of Professional Liability Underwriting Society (PLUS) members believe management liability will increase in 2013. Attendees of the PLUS conference in November 2012 were asked to identify key trends and current issues affecting the market. 

Other findings include:

• Nearly half of respondents declared the Dodd-Frank Wall Street Reform and Consumer Protection Act as the legislation to watch, while 28 percent believed Patient Protection and Affordable Care Act (PPACA) would be most important and 23 selected the JOBS act.
• Forty-nine percent of respondents cited reduced compliance and disclosure as the biggest exposure the JOBS Act would have on the D&O market.
• Increased demand for professional liability coverage among allied health service providers was chosen as the biggest impact PPACA would have on the market by 36 percent of conference attendees. 
• A majority of respondents (87 percent) believe management liability and professional lines pricing will increase in 2013 with 67 percent predicting the increase could be as much as 10 percent. 
• One-third of those surveyed chose professional liability as the segment that will drive price increases in 2013. 
• Fifty-eight percent expect small and medium sized enterprise (SME) requests for media liability policies to mitigate social media risk to increase or significantly increase in 2013.
• One-third of respondents selected data leakage as the primary risk SME's must address when using social media.