Source: https://www.insurancejournal.com, February 24, 2021

Most professional liability insurers covering architects and engineers (A/E) achieved varied premium growth last year as the U.S. construction industry remained resilient during the COVID-19 pandemic. Yet, worsening claims experience is prompting these insurers to seek larger rate increases, according to a survey by specialty insurance broker Ames & Gough.

As they look ahead in 2021, nearly all insurers in the Ames & Gough survey of 20 leading insurance companies writing professional liability insurance to architects and engineers in the U.S. are planning to raise rates. While more than half (57 percent) still seek only modest increases of up to 5 percent, one in four now plan to raise rates by 6-10 percent and one in five seek increases above 10 percent. Read more.