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PROFESSIONAL LIABILITYProfessional Liability has become the products liability exposure of the Service Industry.
30 years ago, the medical profession was perhaps the clearest target for compensating for errors. Over that time, we have seen increasing liability in a whole range of professions, such as accountants, lawyers, and architects, and in a variety of industries including financial institutions, real estate, insurance, and investing. And the net continues to widen to any service provider along with specific positions – e.g. directors, trustees and similar fiduciaries. This heightening accountability is due to a combination of inter-related factors:
All of these pressures have a ratchet impact in that expectations of levels and duties of care become ever higher and more complex and the past is rarely a proxy for the future. From an insurance perspective, unlike property business which can be modeled - to a degree, predicting and modeling wildly fluctuating loss trends has always been a serious challenge. This is now exacerbated by the emergence of catastrophic systemic and inter-related claim exposures. The result of this unpredictability is huge cyclicality and consequent swings in profitability. Only with an understanding of this basic dynamic of the class can sustainable reinsurance strategies even begin to be developed.
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