Market Insights

America's most notorious insurance schemers have earned leadership of their moral wasteland by induction into the Insurance Fraud Hall of Shame.

Product Liability insurance market conditions are softening for the first time in several years for a significant segment of insurance buyers, insurers and brokers say. Some risks, however, continue to face relatively steep rate hikes and insufficient capacity.

Our biennial Producer Survey, done in partnership with Flasphler Research Group, is a revealing picture of independent agents opinions of U.S. commercial carriers. The survey of 526 independent producers included probing questions about insurer utilization, performance, perceptions of insurers and related topics.

Rates are steady in the Commercial Multi-Peril market, and are falling in some cases. Coverage is broader, and several insurers have added Cyber insurance to packages that already include Property, General Liability and, depending on the insurer, Marine, Crime and Auto.

It's impossible to ignore the ever-increasing number of cyber breaches in the U.S. In its September 2014 report on data breach preparedness, the Ponemon Institute found that 43% of respondents had experienced an attack, up 10 percentage points from the prior year.

By and large, insurance buyers will find a more favorable rate environment these days when renewing their General Liability coverage. Even problematic risks likely will not face the double-digit rate hikes they have had to accept in recent years.