Like many professional liability (E&O) segments, rate increases and tightening underwriting are slowing in the Architects/Engineers E&O Insurance market. An improving economy, and the improving construction market in particular, are driving growth in the sector and associated growth in premiums.
A recent survey by Ames & Gough (see here) confirms this moderating trend. The survey of 14 insurers indicates that 9 insurers plan to raise rates this year, and the other 5 plan to keep rates flat. Of the insurers planning to increase rates this year, 7 plan to increase rates 5% or less.
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber). Architects & Engineers professional liability (E&O) is just one segment of our specialty insurance business.