AON: limits for liability insurance skyrocket

The cost of a liability insurance premium, which covers 15 million euros, ranges from 10,000 to 50,000 euros a year, depending on the type of activity.
The sums covered by liability insurance policies have gone up significantly over the last few years, after more and more companies requested a policy limit of 15-20 million euros, while a few years ago the limits amounted to a few hundred thousand euros, according to Karina Rosu, general manager of insurance broker AON. “Clients who have taken out professional liability policies over the last few years, which cover a few hundred thousand euros, are now requesting millions of euros. We now have limits in the range of 15-20 million euros, which was not the case five years ago,” says the manager of AON, the local division of one of the largest brokers in the world. She believes that in a year or two, liability insurance policies that cover sums of at least 10 million euros will become a common feature for companies, given that there is a great deal of demand and sometimes this amount is even higher. These policies cover the risk of causing damage to a third party.