The three biggest growth drivers – and two headwinds – for E&S
Miller identified three key factors that will shape E&S growth in the coming years: economic conditions, emerging risks, and a strengthening distribution channel.
“A strong US economy creates opportunities, because we insure new and growing businesses,” he told Insurance Business. “But even in slower economies, insurance remains essential. Sometimes demand even increases during downturns. Insurance is the cornerstone of economic activity—it enables people to take risks and start businesses.”
New exposures, such as those stemming from artificial intelligence, will only expand the role of E&S, Miller argued. “We don’t yet know what AI-related risks will look like, but they’re coming,” he said. “The E&S market is best positioned to adjust in real time. That ability to pivot is what has always defined this sector.”