Today we posted our Technology E&O Market Survey, which is now in its 11th year, and includes 21 carriers. New to our survey this year is Ironshore; the (free) Executive Summary is here.
Our Survey found that the market continues to be soft, with rates lowering 5% or so, but that there is premium growth due to new insureds and a recovery in economic activity. We think that some of this growth is driven by demands by tech company clients for proof of E&O insurance, and is a result of concerns over data breaches.
We saw a further build-out of value-added risk management services offered to insureds, although this market segment offers fewer such services than do, say, the Cyber and EPL product lines. We’d love to see more – and better – such services bundled with insurance products.
One comment – this Report is now up to 145 pages; we’re not sure if this is a good thing or a bad thing, as one reason we write these Reports is to make information about specialty insurance products more accessible. The reason for the length of the Reports is that carriers are asking us more and more to cite extensive policy language.
Some of our readers like this length so that they can compare competing policies; others may prefer to have a summary.
I’d be interested in your comments on the ‘quote language at length’ versus ‘please summarize it for us, Rick’ debate.
Thanks! Next issue is Intellectual Property and Media Liability, to be released in April.