How the professional risk landscape is evolving

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Looking at how the managed liability market has shaped up in 2022, Trerotola has seen annual general rates decline as bond class-action activity has slowed in 2020 and 2021.

In the professional liability market, Schibuk pointed to a continued difficult phase, with rate increases in many business areas and significant evolution in the cyber sector. This segment has experienced high rates and capacity contraction due to frequent and severe ransomware activity. To address this situation, Arch has leveraged its resources to bring more security risk engineers into its underwriting team and develop a team of cyber security risk vendors that policyholders can access.

Regarding the qualities that differentiate Arch from its competitors in the management and professional responsibility space, Schibuk said it focuses on responding to customers’ needs and is “a stable provider in both segments, especially in the Internet market.” While other firms were cutting back on underwriting, Arch helped it grow despite challenging times.

Trerotola said Arch’s “commercial approach to claims handling and settlement,” its excellent reputation in the industry, and its data analytics and digital capabilities set the company apart. Arch’s diverse book and product offering allows it to “thrive regardless of market cycles”. He expects the executive liability market to remain competitive in the coming year.

“[D]Depending on the industry we’re talking about, we think there will be a lot more opportunities to help us solve our broker and insurance problems. We certainly look forward to that growth and continued partnership in 2023,” he said.

Trerodola added that Arch will launch an enhanced one as the private enterprise business management responsibility is the growth engine of their division. Canopy 2.0 product next year.

According to Shibuk, initiatives starting in ARCH 2023 include a new cyber master policy form as part of an effort to be a larger solution provider in policy for this market segment. Arch expects growth in all categories of traditional professional liability insurance, he said.

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