Insurance Business has revealed its 5-Star Professional Liability providers in the US, recognizing insurers based on broker feedback on underwriting expertise, claims handling, broker relationships, and product strength.
The recognition comes as the US professional liability insurance market continues to operate under soft market conditions, making it more difficult for insurers to distinguish themselves. The market environment has also created opportunities for competitors with less established underwriting practices to pursue business.
Brokers surveyed by IBA indicated that they would like to see a shift in market conditions. Some respondents expressed their expectations for a change, with one stating, “I would like to see a hardening of the market,” while another said, “I’m hoping the market get less soft.”
The findings highlight the considerations facing brokers as they navigate a market where pricing and underwriting discipline remain relevant to insurer selection.
IBA’s research team conducted a 15-week evaluation process to identify the professional liability insurers recognized in the program.
The process involved one-on-one interviews with specialist brokers and surveys of thousands of additional brokers within IBA’s network. The research aimed to establish how insurance professionals viewed the products and services available in the market.
Participants were first asked to identify the features they considered most important when evaluating professional liability policies. They were then asked to rate the insurers they worked with against those attributes.
The assessment covered four main areas: relationships with brokers, claims handling, underwriting expertise, and individual product strength.
Rather than focusing solely on insurers’ market positions, the methodology incorporated broker assessments of the characteristics that influence their decisions when placing professional liability coverage.
The providers featured in IBA’’s professional liability recognition include:
For brokers, the findings offer a reference point when evaluating insurers in a market where soft conditions have increased the importance of examining underwriting practices and policy sustainability alongside pricing.
The research also reflects brokers’ expectations for a potential shift in market conditions, particularly their interest in a return to firmer pricing and underwriting standards.
The full report, including the insurer profiles and details of the 5-Star Professional Liability providers, is available through Insurance Business America’s 5-Star Professional Liability report.
