Advisen released a white paper that presents the results of a survey designed to gain insight into how the purchase and placement of casualty insurance impacts a company’s overall risk management strategy. The free, 13-page paper is sponsored by Aspen.
How satisfied are you overall with your current casualty program? Have you had a large casualty claim in the past 5 years? Who do you rely on to analyze policy forms and compare competing forms? Do you (or your clients) have any casualty exposures for which you are unable to find adequate or affordable capacity? Are you satisfied that your global casualty program achieves your risk management objectives?
These are the questions that the survey on Casualty Insurance Purchase/Placement Impacts Overall Risk Management Strategies responds to.
Views from 435 brokers, insurance carriers, risk managers and insurance buyers show price as the most important factor considered by both risk managers and brokers when renewing a casualty program.
The survey results provide an interesting insight into the factors that influence casualty insurance purchase and placement decisions across an array of industries.
Overall, casualty insurers are performing well. Risk managers participating in the survey were generally satisfied with their casualty programs, and relatively few had complaints about how claims were handled. A material portion of survey respondents (21 percent of risk managers and 28 percent of brokers), however, had exposures for which they could not find adequate coverage at an affordable price, suggesting opportunities for innovation and growth for creative and enterprising underwriters.