Technology E&O Insurance Market Survey 2013 – some highlights

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:

Carriers

  • 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

Rates

  • 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.

Premium Volume

  • 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

Executive Summaries of all of our Reports  can be downloaded at www.betterley.com.  Full Reports can be ordered at www.irmi.com.

Next issue: April Intellectual Property and Media Liability Insurance Market Survey 2013

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