Blog: Why Excess of Loss is key in the current casualty market?
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Pat Wood, of Manchester Underwriting Management, digs into the importance of Excess of Loss cover amid a capacity crunch.
The casualty market has certainly felt the effects of the capacity crunch, with revised legislation having an impact on the market, making insurers’ and brokers’ lives more challenging than for a long, long time.
The Ogden rate revision has been a large contributing factor to this, with the recent unexpected news that the revised rate is being adjusted to -0.25%. The negative rate means some insurers will be under-reserved on outstanding claims. The knock on effect for brokers is insurers
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