{"id":2440,"date":"2023-02-07T10:01:41","date_gmt":"2023-02-07T16:01:41","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=2440"},"modified":"2024-02-28T15:09:59","modified_gmt":"2024-02-28T21:09:59","slug":"two-minute-takeaway-casualty","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-casualty\/","title":{"rendered":"Two-Minute Takeaway: Casualty"},"content":{"rendered":"

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Property & Casualty<\/p>\n

\n Two-Minute Takeaway: Casualty\n <\/h1>\n\t\n <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″]\n
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\n Two-Minute Takeaway: Casualty\n <\/h1>\n\t\n <\/div>[vc_column_text]Our Two-Minute Takeaway provides a quick, high-level overview of notable topics and trends in the marketplace. <\/strong>\u202fRead on to learn more about what\u2019s happening in the casualty sector.\u202f<\/span><\/i>\u00a0<\/span><\/p>\n

Liability Market<\/h3>\n

In the second half of 2022, the liability market showed signs of stabilization, although the divergence by industry sector is growing. Those with challenging risks or poor loss history still face significant rate increases and tightening capacity. Customers with favorable loss experience see modest rate decreases in competitive industry segments, while general inflation, social inflation and nuclear verdicts continue to put rate pressure on insurance companies. Carrier appetites remain aligned with little to no expansion between the standard and E&S marketplace.<\/span>\u00a0<\/span><\/p>\n

Challenges in Commercial Auto\u00a0<\/span><\/h3>\n

The commercial auto market has experienced rate increases for 44 consecutive quarters, yet, according to the S&P Global Market Intelligence report, the projected combined ratio for commercial auto insurers is 103%. Increased vehicle repair and labor costs coupled with higher litigation settlement costs will pressure auto rates for the foreseeable future.<\/span>\u00a0<\/span><\/p>\n

Third-Party Litigation Financing \u2013 Growth and Impact on Insurance<\/h3>\n

Third-party litigation funding has grown rapidly, and the increased involvement in litigation has led to longer case times and higher costs. According to Bloomberg, the third-party litigation financing industry is estimated to be worth $39B, with almost $3B in new deals funded in 2022.\u00a0<\/span>\u00a0<\/span><\/p>\n

Most states do not have disclosure laws, and legislation for implementing new laws has faced opposition. Consumers and insureds feel the impact as the outsized verdicts are vital contributors to higher pricing, narrowing coverage terms and lower limits.<\/span>\u00a0<\/span><\/p>\n

Workers\u2019 Compensation \u2013 Evolving Workplace Challenges<\/h3>\n

Workers’ compensation has been consistently profitable for insurers. While employers have not had to battle a hard workers’ compensation market, the pandemic has created several other labor challenges for human resource departments.\u00a0<\/span>\u00a0<\/span><\/p>\n

The Travelers Injury Impact Report | Travelers Insurance<\/span><\/a>\u00a0<\/span>[\/vc_column_text][\/vc_column][vc_column width=”1\/3″][vc_single_image image=”1414″ alignment=”center” style=”vc_box_circle_2″][vc_separator border_width=”2″ el_width=”60″][vc_column_text]<\/p>\n

Property & Casualty Team<\/h6>\n

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\n\t\t\t\t\t\n\t\t\t\tConnect Now<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row row_style=”page-hero” full_width=”stretch_row_content”][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″][vc_column_text]Our Two-Minute Takeaway provides a quick, high-level overview of notable topics and trends in the marketplace. \u202fRead on to learn more about what\u2019s happening in the casualty […]<\/p>\n","protected":false},"author":66,"featured_media":2444,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[110,34],"class_list":["post-2440","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-market-trends","insight_category-property-casualty"],"acf":[],"yoast_head":"\nTwo-Minute Takeaway: Casualty - Brown & Brown<\/title>\n<meta name=\"description\" content=\"Get a quick overview of the challenges, innovations, and opportunities that are shaping the casualty insurance industry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-casualty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two-Minute Takeaway: Casualty\" \/>\n<meta property=\"og:description\" content=\"Get a quick overview of the challenges, innovations, and opportunities that are shaping the casualty insurance industry.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-casualty\/\" \/>\n<meta property=\"og:site_name\" content=\"Brown & Brown\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-28T21:09:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bbrown.com\/wp-content\/uploads\/2023\/02\/AdobeStock_234092322-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1709\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-casualty\/\",\"url\":\"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-casualty\/\",\"name\":\"Two-Minute Takeaway: Casualty - 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