I published our 13th edition of Technology E&O Market Survey in late February, and am finally getting a chance to report on some of the highlights:
- 27 in the Report, including newly added Capitol/Global Specialty and Liberty International
- Admiral back in the Report after missing last year
- Safeonline now listed as Ascent Underwriting, their new underwriting vehicle
Data Breach Coverage
- More carriers are broadening their products by offering data breach coverage for client data under the control of the Insured, not just liability coverage
- It seems that the general trend to higher rates is missing the Tech E&O market, as many carriers expect their competitors’ rates to range from a decrease of 5% to an increase of 5%. When reporting on their own rates, a similar range was reported. If rates are increasing, it is in the larger account market.
- This is becoming increasingly difficult to obtain – our best estimate is $500-550 million U.S.-originated, and perhaps another $500 million outside the U.S.
- Growth attributable to increasing demand by clients of Tech Services providers and economic recovery of the Tech Services sector
Next issue: April Intellectual Property and Media Liability Insurance Market Survey 2013