More thoughts about the New Year, this time EPLI (I have a head start on this one, as we just released EPLI Market Survey 2010 in late December):
- We’ll be hearing a lot about wage and hour – from the insureds and their brokers. Maybe not so much from the carriers (though I still think there is a need and an opportunity for coverage for the smaller market segments). Will there be a carrier that takes a strong stand on affirmative coverage for wage and hour?
- We know we’re swimming against the tide with this one (others that comment on the industry project a continuation of soft rates) – later in the year deductibles and possibly rates will drift up, as the carriers are forced into recognizing that claims from the Great Recession are a problem.
- Insured’s will tolerate reasonable increases if they are explained and if they are properly counseled about the risks of switching carriers for a claims made policy.
- Mass actions against larger employers will continue to get the headlines, but middle-market and smaller insureds will have more than their share of 6 figure claims.
- Defense attorneys will get more and more concerned that their client relationships are being negatively impacted by the claims handling practices of the insurance companies used by their clients.
- Finally, I’ll be speaking at the American Conference Institute EPLI Conference in late January – 16 years and counting. Not exactly a prediction, as we are already working on our panel topics! If you are there, please come up and say ‘hi.’