Real estate related classes of business account for a large share of all professional liability insurance business written, and that number is probably going up (or down?) as the credit crisis impacts both the number of survivors and professional liability insurance rating. A recent Rough Notes article (see here), prepared by MarketStance, claims that 64% of all E&O premium is real estate related. While that number sounds high, the definition of real estate used includes a wide range of classes not normally associated directly with real estate. Some of the classes included are:
The article notes that the group includes 17 NAICS classes, 3.4 million businesses and sales of $1.45 billion.
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Posted by: GrellcalaTeks | October 14, 2011 at 02:15 AM
I just bought e&O and had no idea there was so much change in the industry
Posted by: florida health | September 27, 2009 at 04:26 PM
with the technology and changing interest rates the markets for real estate is changing .
Posted by: John Beck Tax Foreclosure | August 12, 2009 at 05:03 AM
It will be interesting to see with the downturn in the economy and the ongoing growth in technology how the percentages change. More and more technology contractors are being required to have general liability and errors and omissions insurance coverage.
Posted by: Christine | February 18, 2009 at 09:26 AM
Really good post. I liked it... Great!
Posted by: Insurance Related | February 02, 2009 at 03:08 PM
Wow! And I thought that insurance E&O was responsible for the bulk of the market. I guess not.
Ed
Posted by: Ed Harris | November 24, 2008 at 09:31 AM