Source: Business Insurance

Judy Greenwald October 01, 2019 A dramatic cutback in limits is leaving wholesalers scrambling to fill excess and surplus lines programs for policyholders who face higher rates in a hardening market. While property lines were hit first and hardest due to hurricane activity over the past two years, casualty insurance buyers are also feeling the effect of the hardening market, say observers, who point to higher jury awards as a major factor. Executives meeting at the Wholesale & Specialty Insurance Association’s Annual Marketplace in San Diego last week generally said they expect the market will remain hard for at least the next 18 months.