Source: https://www.insurancejournal.com/, March 1, 2023

According to a new survey from specialty broker Ames & Gough, insurers of professional liability for architects and engineers are planning additional rate increases to keep pace with rising claims costs, a backlog of litigation, worker shortages, and supply chain disruptions.

Fifteen of 16 insurers – a significant representation of the overall U.S. marketplace, said Ames & Gough – have plans to raise rates in 2023, with about half looking for increases up to 5% and the others seeking increases of 6% or more. About a quarter of insurers surveyed are planning increases across their entire book of business. Others plan to target high-risk projects like condominiums and schools, or high-risk disciplines such as structural engineering and geotechnical engineering. Read more.