Casualty insurance has been shrouded by many challenges in the past few years. Profit margins in casualty lines of business have been generally quite thin, driven by long-tail challenges and inflated claims in areas like commercial transportation, catastrophic property and new risks like cyber and technology-related exposures.
As a traditionally cyclical industry, insurers never stay down for long. The past year has seen an “increase in discipline and risk selection” by underwriters in the North American casualty insurance space, according to Joe Cellura (pictured), president – North America casualty, Allied World. He described “an encouraging trend” of underwriters injecting more specialization into their work and more effort into selecting best-in-class risks.
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