In the summer of 2021, the Professional Services Practice at Aon (PSP) started a series of articles to help professional service firms consider the question of risk retention.

At that time, for the majority of the previous 15 years, there had been a buyer’s market for commercial insurance. For renewals during this period, firms across all industries faced a firming marketplace for risk transfer, including increasing premiums, decreasing capacity, narrowing of terms and conditions and increasing self-insured retentions or deductibles.

Professional service firms were among the industries impacted by this shift. The Risk Retention series was conceived to help your organization navigate this firming of the insurance market.

However, when thinking about risk management, a professional service firm must always consider the amount of risk it is willing to retain, regardless of the state of the insurance market. PSP’s Topics in Risk Retention brings together the articles in the Risk Retention series as a single resource for thinking about risk retention in any renewal situation.

Professional liability insurance remains the largest single insurance premium expenditure for professional service firms. In Topics in Risk Retention, our professionals share their insights and guidance for approaching the professional liability marketplace as well as other lines of coverage.

Topics in Risk Retention discusses the determination of the “right” self-insured retention, the possible use of captives and actuarial considerations in discussions of risk retention. PSP hopes that this resource will remain a real-time guide for insurance negotiations and analysis.

Topics in Risk Retention is available here.

The individual articles within the Risk Retention series are available below.