The US professional liability insurance sector has recently experienced intensified competition, with rates remaining relatively low.
This trend has been primarily attributed to an influx of capital in the market, creating a surplus of available resources. However, despite this soft market environment, certain classes of professional liability business and specific regions continue to challenge insurers and brokers with complex risks and demands.
In response to these dynamics, Insurance Business America (IBA) has released its annual list of 5-Star Professional Liability carriers, highlighting companies that have effectively managed client needs and demonstrated resilience amid shifting market conditions.
IBA’s selection acknowledges those providers that successfully navigated an increase in claims volume over the past one to two years.
IBA’s ranking process for 2024 involved extensive research conducted over 15 weeks.
During this period, IBA’s team gathered input from industry insiders through direct interviews and surveyed a broad network of brokers specializing in professional liability coverage. The objective was to capture comprehensive perspectives on insurer performance across several critical dimensions.
Brokers participating in the study were first asked to identify the features they consider essential in a professional liability policy. Then, they rated the insurers they partnered on how well each provider met those criteria.
Carriers were evaluated based on the quality of their relationships with brokers, their approach to claims handling, underwriting practices, and, importantly, the specific strengths of their professional liability offerings.
Some of IBA’s 5-Star Professional Liability winners for 2024 include:
These carriers were recognized for their expertise and for delivering services aligned with broker and client expectations in a complex market environment.
Further details on each winner’s offerings and performance are available through Insurance Business America’s complete 5-Star list.
