U.S. Casualty Market Outlook
The year 2019 marked a reckoning for the Casualty insurance market as loss trends continued from prior years. Carriers responded with reduced capacity, conservative underwriting practices and increased rates, causing a broad firming in the primary Liability and Umbrella/Excess Liability marketplace.
As massive loss trends from prior years continue to impact the line, this firming trend continued well into Q1 and Q2 2020, with expectations that things will remain unchanged throughout the year and likely into 2021.
In addition, some carriers have exited the market, leaving the options for buyers more limited than ever before.
As the jarring impacts of COVID-19 push forward, what’s in store for your clients for the rest of 2020 and beyond?
The firming Casualty market has been driven by catastrophic liability losses fueled by an aggressive plaintiffs’ bar, litigation funding, anti-corporate jury sentiment and nuclear verdicts.
While rate increases are being experienced across the board, industries hit particularly hard include habitational, energy, construction, sports and entertainment, restaurants and bars and the religious sector, among others.
How can agents and brokers prepare their clients for what may come next?
RPS Casualty Practice Group
When it comes to placing Property & Casualty coverage, RPS, a leading nationally focused wholesale insurance broker, knows the best markets and coverage terms to secure for your clients, reflected by the more than $4 billion of premium we place annually. We adhere to the highest professional and service standards, meeting the needs of our retail providers. Our goal is to continue to be “your wholesaler of choice.”
Our Casualty Practice Group includes dedicated insurance brokers from our national network of office locations who specialize in this line of business. We partner with the highest-quality insurance companies in the industry to offer customized approaches that meet clients’ business needs, and write in excess of $600 million in casualty premium volume each year.
Casualty Product Lines
- General & Products Liability
- Umbrella & Excess Liability
- Environmental/Pollution Liability
- Wrap Up & Project Specific Liability
- Product Recall
- Discontinued Products
- Foreign Liability
- Non-Owned Auto