2023 US Management and Professional Liability Market Outlook

This document is a market outlook report that discusses the current state of the management liability (ML) and professional liability (PL) insurance markets in the United States as of 2023. It outlines the ongoing softening of these markets, characterized by increased competition and reduced premiums, with some areas experiencing rate reductions between 10% and 30%. The report details insights from industry experts, including Manny Cho and Rodney Choo, who emphasize the challenges brokers face in a buyer's market where price is no longer the primary differentiator. The document also highlights the significant drop in premiums for Directors & Officers (D&O) insurance, particularly among public companies, and the impact of new entrants in the market. Additionally, it addresses the stabilization of employment practices liability (EPL) rates and the ongoing volatility in certain geographic markets. The report concludes with a focus on the need for brokers to provide tailored value to clients amidst these changing conditions.