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Most of the major insurers that provide architects and engineers professional liability insurance expect to raise rates this year, continuing a trend that began last year, according to a broker survey.
According to a survey by McLean, Va.-based Ames & Gough of 10 leading insurers in this market, 70% expect to raise professional liability rates during 2012 for architects and engineers, 20% expect rates to remain flat, and 10% expect them to decrease.
After the large number of natural disasters last year, in addition to the impact on property catastrophe exposures and related lines, insurers are “maintaining a closer watch over their long-tail exposures, including those related to their professional liability insurance portfolio,” said the survey.
Last year, 60% of the insurers surveyed increased rates, while 20% generally saw rates remain flat and 20% saw their rates decrease according to the survey.
Among those that plan to raise rates this year, 29% expect to seek increases of 6% to 10%; 57% plan increases of 3% to 5% and 14% expect to seek increases from zero to 2%.
Meanwhile, “significant capacity remains available to address the coverage needs of even the largest design firms,” according to the survey.
Commenting on the survey, Ames & Gough President and CEO Dan Knise said in a statement, “While premiums generally are not going up dramatically, they're not decreasing much either. Even so, there are still some limited opportunities for premium savings driven by an improvement in a firm's loss ratio or competition from one of the new insurers trying to grow its market share.”
Copies of the survey, “PLI Market 2012: Continued Smooth Sailing—Capacity Stable as Rates Begin to Firm,” are available by emailing firstname.lastname@example.org.
In November, two market reports from Kansas City, Mo.-based Lockton Cos. L.L.C. indicated insurance rates for construction contractors, architects and engineers could be on the rise.
KANSAS CITY, Mo.—Insurance rates for construction contractors, architects and engineers could be on the rise, according to new market reports from Lockton Cos. L.L.C. released this week.