Management Liability insurance has seen increased claims activity particularly under the employment practices liability (“EPL”) and crime policy sections. EPL claims such as unfair dismissal, workplace harassment and discrimination claims are more prevalent in SMEs where firms lack human resources departments. Theft and crime losses due to insufficient measures and prevention mechanisms are also exposing insurers to losses. Social engineering (or imitation) fraud claims have also impacted insurers.
Industries with greater exposure to regulatory enquiries and prosecutions such as construction and development and workplaces involving manual handling operations, are difficult to place and are seeing premium uplifts of 25 to 50 per cent.
Insurers are continuing their push for online platforms for this cover. We caution placing D&O coverage via online platforms where wordings are more restrictive than manually underwritten offerings.
Proposers that can provide detailed risk information and show that they have imposed pro-active risk management processes have access to more markets.
Continue reading our full range of market updates here:
July 2022 Market Update Overview
For more in depth market updates by product class, profession and industry, please see our individual reports below:
General Insurance
Financial Lines
- Professional Indemnity
- Directors’ & Officers’ Liability (Public companies)
- Management Liability (Privately held and smaller companies)
- Cyber Liability
Construction
