Shea states that there are certain practice areas that remain challenging; including plaintiff class action, mass tort, and medical malpractice. However, since certain key carriers have taken a new approach to underwriting these practice areas, the overall market participation for these risks seems to have opened up, according to Shea. Despite the difficulties in these markets, in addition to markets such as Intellectual Property and Securities Law and Mortgage Default (Foreclosure), Shea feels that the state of the market is fairly positive.
He compares the hardening markets of today to that of 2001 and the 1980’s, saying that now there is just too much capacity and competition for business both in the underwriting and broker space of Attorney Professional Liability Insurance. Based on the evidence collected, it’s believed that we are still many years away from a truly hard market.
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