On October 3, 2018, the Risk Management and Insurance Sociey had the opportunity to connect with Brett Dresner, a General and Excess Liability Broker who represented the Wholesale and Surplus Insurance Association (WSIA). Mr. Dresner provided an overview of the Excess and Surplus (E&S) Lines Industry, which fills the need for coverage in the insurance market for emerging, unique, and high-hazard risks. Key risks included in this market are:
- Pollution Clean-Up
- High Risk Property
- Celebrity Risk
- Luxury Retailers
- Natural Disasters
- Sports Risk
- Drone Liability
- Political Risk
These unique risks cannot be insured in the primary market because of regulation. Therefore, there is less regulation surrounding the E&S industry. WSIA refers to this as “freedom from form and rates” in regards to pricing and rate justification.
Mr. Dresner also brought to our attention that this ever-changing job market is increasing in size. Within the last 20 years, the E&S industry doubled; by 2022, there are expected to be 200,000 new openings! The best traits that successful upcoming professionals should develop are integrity, creativity, and adaptability.
There are varied roles within the E&S Industry, ranging from finance and human resources to underwriting and actuarial science. WSIA recruits for both full-time and internship opportunities. Further, they offer a unique 9-week internship in which 5 weeks are spent with a broker and 4 weeks are shadowing an insurance carrier. WSIA also offers scholarships for students who are interested in the E&S industry.
This event was both educational and fun! A large number of students learned more about WSIA and the E&S industry, and were treated to Ian’s Pizza. Many thanks to Mr. Dresner and the participation of attendees for making this event so memorable.