Presentation on theme: "Tort Reform in Reverse?. Singin’ The PL Blues MODERATOR: Sean Fitzpatrick, Esq., Senior Vice President, Middle Market & Specialty Financial, The Hartford."— Presentation transcript:
Singin’ The PL Blues MODERATOR: Sean Fitzpatrick, Esq., Senior Vice President, Middle Market & Specialty Financial, The Hartford PANELISTS: Timothy Braun, MBA, Executive Vice President, AXIS Louis H. Castoria, Esq., Partner, Wilson Elser Moskowitz Edelman & Dicker LLP Jason Hawkins, Managing Director, Aon Kalju Nekvasil, Esq., Partner, Goodman & Nekvasil, P.A.
Agenda Tort Reform in Reverse: Has the tide turned? Developments in Securities Liability Healthcare Reform – Implications for the Professional Liability Industry Financial Services and Professional E&O – How will Underwriters and Brokers address a changing liability environment?
Financial Services and Professional E&O – How will Underwriters and Brokers address a changing liability environment?
Effect on FI Underwriting Sector Analysis Underwrite to individual sectors to determine which are more vulnerable with systemic exposure always a concern. Understand that the exposure is fluid and changes occur from both internal and external forces.
Effect on FI Underwriting Management Analysis Financial Analysis Operational Risk Management Analysis Enterprise Risk Management
Effect on FI Underwriting Conclusion: Comprehensive Review Utilization of traditional and non-traditional underwriting resources Differentiating between well-managed and poorly-managed risks Balance between proper rate and coverage vs. premium
A Brokers Perspective Challenges faced by the broker What it means for the client Education - broker and client focused Potential Impact on Clients Higher premiums and retentions Limited coverage available Managing insurance budgets vs. insurance spend Education Industry Challenges
Carrier / Industry Challenges If current trend continues can/will carriers continue to write certain lines of business Increased defense costs Increased claim frequency and severity Program limits and structures “In the News”/Headline Risks – Madoff, Stanford, Lehman, AIG etc…. Economy