Market Dynamics Overview
Pricing remains up to varying degrees; however, increases are decelerating.
New capacity continues to flow into the market; capacity is tight but sufficient for all but the largest / most complex placements (especially D&O).
Information requests continue to be more detailed and rigorous. Insurer decision making is more centralized.
Insurers are continuing to apply sub-limits to cap their overall exposure due to increased focus by technical and actuarial teams.
Deductibles are trending upward as a mechanism to shift some of the risk and help offset pricing increases.
Insurers are mandating clarifications and exclusions for silent cyber, infectious disease and contingent business interruption.
New capital has come into the market and reinsurers continue to evaluate new areas for growth.
Information requests can be onerous, and timelines can be challenging. Engagement of external counsel continues to bring challenge to the process.