Articles

How Brokers Influence Specialty Insurance Product Innovation

In an era of insurance transformation, where process simplification and flawless customer service are expected, innovation in policy and product is a must—especially when it comes to the non-traditional coverage aspects of specialty insurance. Whether it's reputational, cyber, gig economy or supply chain risks, insurers are meeting the growing demand for products addressing new perils. Many times,...

How Emerging Risks for Medical Device Manufacturers Create Opportunities for Agents

The medical device industry is an expanding market with significant growth forecasted over the next decade. According to KPMG data, global predictions reveal the life sciences sector will grow by more than 5% per year, reaching nearly $800 billion by 2030. Tech innovations (including artificial intelligence), an aging U.S. population, increased healthcare spending and an improving economy have fue...

Underwriters Try to Keep Up With Today's Bustling, Successful E&S Market

Demand for surplus lines insurance rose dramatically in 2018 and is continuing to expand this year, so much so that some in the sector are feeling a bit overwhelmed. The excess and surplus lines sector is enjoying its largest growth rate - 11.2% - in years -thanks in great measure to standard carriers shedding business. The growth has also been fueled by the strong economy, changing technology, an...

Ocean Marine Insurers Face New Risks, Challenges in Changing Segment

Ocean marine insurance is the oldest line of insurance and today represents a small specialty line in the property/casualty insurance industry. Since those early days, marine products have evolved as risks and exposures have increased in both size and complexity. The recent sailing of the MSC Gulsun, the world's largest containership at 23,000+ TEU capacity, with cargo values well in excess of $1...

Construction Insurance Underwriters Get Picky & Other Trends

Construction insurance specialists say their insurance market is strong with plenty of capacity and underwriters competing for the best accounts. According to specialists interviewed by Insurance Journal for their assessment of the market, the boom in the construction business has allowed underwriters to refine their appetites and be more selective and focus on profitable accounts. At the same tim...