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2022 Ames & Gough Market Survey: A/E Firms Face Headwinds Due to Adverse Economic Factors

by | Feb 10, 2022 | architects and engineers, Important, News, Resources

 2022 Ames & Gough Market Survey:  

A/E Firms Face Headwinds Due to Adverse Economic Factors

As the construction industry navigated a second year of the Covid-19 pandemic, leading insurers providing professional liability coverage for design firms saw significant premium growth. In looking ahead to 2022, insurers see the need to counter the impact of continued deteriorating claims experience along with
multiple issues related to the pandemic, including worker shortages, supply chain disruptions, elevated cyber exposures, and the effect of inflation on claim costs and the overall economy. With the start of the new year, Ames & Gough (A&G) is focused on all of these issues in addition to new and continuing developments in the professional liability insurance market. We are pleased to provide the 12th edition of our annual survey,
which offers insight, analysis, and perspective on the following topics:

•   2021 market review
•   Insurer strategies on risk appetite, premium rates, and limit availability
•   Claims activity
•   2022 market outlook
•   Emerging trends affecting design firms including mergers & acquisitions, worker shortages, and      inflation

This year’s survey includes responses from underwriting executives at 16 leading insurers providing A/E professional liability insurance. On a combined basis, they represent a significant percentage of the current overall marketplace for this line of coverage. Participants in the 2022 survey were: AIG/Lexington, Beazley,
Berkley Design Professional, Berkshire Hathaway Specialty Insurance, Everest, Great American Insurance Company, Hanover Insurance, Markel, PUA, RLI, Riverton/Hudson Insurance, Ryan Specialty Group, Sompo International, The Hartford, Travelers, and Victor Insurance.

We are thankful for each insurer’s participation and are pleased to share the findings in our report.               To download a copy of the survey click here