Two-Minute Takeaway: Multinational Overview
Property & Casualty
Two-Minute Takeaway: Multinational Overview
Our Two-Minute Takeaway provides a quick, high-level overview of notable topics and trends in the marketplace. Read on to learn more about what’s happening in the multinational sector.
The global casualty marketplace remains competitive, and this trend is expected to continue throughout 2022. The global casualty market remains a highly profitable underwriting class for insurers. The premium rate is highly dependent on losses; however, there are opportunities for rate decreases if the loss history is favorable.
Company size and marketing efforts also continue to impact renewal rates. Recent renewals on middle-market global casualty programs experienced flat rates. Larger multinational casualty accounts with poor loss history are facing increasing rates, while those with positive loss history are seeing decreased rates.
Additionally, global litigation continues to be slower than the U.S., keeping rates stable. Many insurers continue to open their capacity to tougher products and risks.
Traveler Policies
Many countries require travelers to prove they have medical insurance and quarantine expense coverage to pay for treatment of illness, including costs associated with COVID-19. A quality Business Travel Accident (BTA) policy, with coverage for out-of-country medical costs, provides layered protection and extends the duty-of-care for employees engaging in travel. Additional coverages for quarantine-related expenses are also available.
Russia/Ukraine Conflict
Due to the war between Russia and Ukraine, most global insurers have pulled out of Russia, Belarus and Ukraine and are unwilling to write exposures in these countries. There are a handful of markets that will, on a case-by-case basis, assist in placements. Brown & Brown can work through our global resources for direct placements in country to secure coverage.
War is a standard exclusion for global casualty programs. However, political and security evacuation extensions can be added to global casualty programs depending on the insurer. The extensions assist in getting the employees out of areas where the government has issued formal evacuation recommendations.
