MARKETDISRUPTION

In the excess & surplus lines “ we are seeing prior years' steep increases on excess casualty stabilize and plateau across most classes of business," says Bill Wilkinson, president, national casualty, Risk Placement Services (RPS). “High-hazard classes will continue to feel a bit of pain, as well as more difficult construction projects located in areas where there isn't a lot of eager capacity, like South Florida and New York City."

In addition, there are a number of developing and emerging risks that agents need to continue to monitor. These include risks relating to “modular construction and when that product is considered completed; increased use of green building materials, mass timber and cross-laminated timber for construction projects; increased use of artificial intelligence (AI) and potentially even robotics in warehousing and on job sites; habitability claims spreading beyond California; per- and polyfluorinated substances (PFAS); and human trafficking," says Russ Stein, area executive vice president, RPS.

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Overall, the general liability market is facing a “dynamic economic environment with supply chain disruptions, elevated medical costs, and rising wages all of which play into premium and loss trends across the marketplace," says John Sakakeeny, head of general liability, umbrella, excess product lines, The Hartford.

So, how can agents assist their clients and ensure they are continually adding value to the relationship?

Here are three tips for agents to prepare clients to deal with these challenges:

1) Communication is key. Understanding each client's unique exposure is essential. “The most important meeting is the pre-renewal meeting with the insured at least 150 days out from the effective date to determine their renewal exposures and concerns," Stein says.

“Agents also need to communicate frequently with underwriters to set the expectations for renewal