My Intellectual Property and Media Liability Market Survey is still a ways off (April 2011), but I’ve been watching and looking into the lines.
IP insurance still fascinates me, and with the recognition that intellectual property may represent an organization’s most valuable asset, maybe it will fascinate the broader insurance world as well.
We wish that we could forecast that 2011 will be the year that patent insurance comes to the fore, but see no signs of that happening. The risk is too difficult to measure (though we think there are ways to overcome that), and the capacity needed is too great, for much to be happening here.
But if it does, there is a market opportunity awaiting. Of course, corporate counsel would still need to be convinced that having an insurance company involved is a good thing.
The more traditional aspects of IP insurance remain alive and well, though we haven’t yet detected much in the way of rate or product trend for 2011. That sounds like ‘pretty stable’ should be my prediction.
Media Liability coverage is a very busy place, with carriers taking a lot of interest in the subject. Like privacy insurance, will this be a product that almost all commercial insureds (heck, even personal lines insureds) need?
I’ll go out on a limb and suggest that media liability will be getting as much airplay as privacy issues did in 2010 (and should, as they are heavily intertwined).
An issue, perhaps the biggest one, is lack of awareness of the pervasiveness of the exposure. Even smaller commercial insureds are aware of privacy risk, but that is far from true for media exposures (where the average insured thinks about old media, not new media, social sites, and the like).
Here’s a prediction – the market will need a lot of education from fans of media liability insurance for this market to take off.