Companies Must Adjust to Firming Insurance Market: Marsh Webcast July 18 to Provide State of the Market Guidance for 2013 Budgeting
Since the third quarter of 2011, the global insurance market has shown a clear trend of firming across most lines of business. According to Marsh’s most recent U.S. benchmarking figures, more than 60 percent of its clients that renewed property policies in the second quarter received a rate increase. In addition, more than 40 percent of firms saw rates rise in their general liability, workers’ compensation, excess casualty, and directors and officers liability renewals.
In this clearly transitioning market, organizations need to stay abreast of the changing landscape and adjust their 2013 risk management budgets accordingly. To enable companies to have a greater understanding of these market dynamics, Marsh will hold a one-hour New Reality of Risk webcast, 2012 Midyear Insurance Market Update, on Wednesday, July 18 at 11 a.m. ET, examining the current state of the insurance market, including recent developments in key insurance lines such as trade credit.
Panelists also will discuss strategies for mitigating and transferring risk during this transitioning market, and what to look for from the insurance markets as companies begin to prepare 2013 budgets.
“Rates in the U.S. insurance market continue to firm, with companies in the U.S. more likely to experience rate increases than decreases in most major lines of insurance,” said Dean Klisura, Marsh’s U.S. Risk Practices and Specialties Leader. “This trend is likely to continue in the near term. Insureds that stay ahead of the curve in developing their risk management strategies will be best positioned to navigate this transitioning market and effectively differentiate themselves from others seeking capacity."
The panel for Marsh’s webcast will consist of:
- Duncan Ellis, Marsh’s U.S. Property Practice Leader;
- Evan Freely, Marsh’s Global Political Risk and Trade Credit Practice Leader;
- Lou Ann Layton, Marsh’s U.S. FINPRO Practice Leader;
- Jonathan Zaffino, Marsh’s U.S. Casualty Practice Leader;
- Claude Yoder, Leader of Marsh Global Analytics; and
- Julie Boucher, Marsh’s U.S. Captive Solutions Leader.
Brian Elowe, a managing director within Marsh’s Global Risk Management Division, will moderate the discussion.