Posted our 2011 EPL Insurance Market Survey 2011 last week; here are some of our observations:
- Rate adequacy and expense control continues to be the story, with carriers finally convinced of the need to obtain higher rates. (Note: I could probably have said that better; carriers have been convinced for years – now they are executing, and the intermediaries and consultants are willing to accept it).
- 34 carrier products included – we added Zurich after some years away (Zurich/Steadfast was in our original survey of 5 carriers way back in 1993) and Arch.
- Carriers removed from the Survey this year: CoverX/First Mercury (sold to Crum & Forster) and Evanston, which hasn’t responded to information requests for 2 years running. Evanston promises to provide information for the 2012 Survey.
- More carriers bringing out industry-specific products, especially for health care.
- Established EPLI carriers extending the product to their Business Owner Package-type products.
- Value-added Risk Management services continue to be added and improved.
- And lastly, but not surprisingly – real wage & hour coverage remains scarce. We wish it were otherwise.