Markets

In today’s personal lines environment, operational challenges are not just business hurdles; they can also translate into rising errors & omissions exposure for independent agents.

Carriers offering product liability coverage are now taking into account factors such as the impact of any ongoing and proposed tariffs on the manufacturers and distributors of products, which may force manufacturers to change suppliers.

Trucking companies faced $165 million in nuclear verdicts in 2023, with an increasing trend of thermonuclear verdicts. Mounting costs from these large verdicts present significant challenges for the commercial auto insurance market.

With adverse impacts from social inflation, litigation funding and heightened safety expectations, the public entities insurance market is in a hard market with increased premiums and reduced limits.

Consumer litigation activity continues to impact the market adversely, with third-party funding driving additional litigation costs, higher settlements and higher premiums.