Aon | Professional Services Practice
Release Date: January 2022
Reasons for Optimism, but Careful Planning Is Needed – the Management Liability Marketplace Entering 2022
The Financial Services Group at Aon discusses an insurance sector of importance to professional services firms in December 2021’s Management Liability Market Insights: 2021 Reflections and 2022 Outlook
In 2021, the management liability marketplace faced many of the same challenges which ensued in March 2020 from the pandemic and global economic uncertainty. Although the market is favorable relative to this time a year ago, pressures related to claims, capacity, coverage, and rates continue, albeit to a lesser extent.
There are reasons for optimism as we enter 2022, but favorable outcomes are the result of careful planning. New insurer capacity has helped limit the increases insureds are facing, particularly on excess layers, but has not yet led to overall program decreases.
Insureds with favorable or improving risk profiles that move proactively and strategically to secure renewal terms can generally expect to experience a more receptive insurance market than we saw in 2021.
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