The E&S Market Is Ready to Tackle Today’s Challenges. Here’s Why
The excess and surplus market continues to enjoy steady growth while conditions in the standard market remain challenging for insureds. With standard lines carriers raising rates, tightening terms and conditions and pulling back capacity, risk managers are turning to E&S solutions for greater flexibility.
“It’s a very exciting time within the E&S market. We’re seeing a lot of acceleration in growth driven by three main factors: poor historical portfolio performance over the last few years in certain segments —particularly transportation, construction and habitational real estate — growing CAT losses within the United States, and the ongoing effects of social inflation,” said Jude DiBattista, leader of E&S Brokerage Casualty at Nationwide.
While the full impact of COVID-19 on the risk and insurance landscape is yet to be seen, the economic hardship created by the pandemic has shaken the financial footing of many carriers, exacerbating these trends.
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