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The liability risk is still a very under-appreciated and unknown product across large parts of the CEE region, yet as with any emerging market, because it starts from a low base it will grow more quickly as class of insurance percentage-wise, than other standard insurance classes will. There is a false sense of security or even complacency when it comes to liability exposures in the CEE region. This is still reflected in the buying habits of not only locally owned businesses but also by some foreign owned businesses, who have sometimes learned too late, and at great cost to themselves that there can be sizeable liablity claims in the CEE region. This complacency may be one of the lingering legacies of socialism, but the exposure is still there and the coverage available as well.
Many CEE companies do not see the need to buy Liability insurance but increasingly this is changing for several reasons as follows;
Historically liability insurance is priced based on prior claims experience, the turnover and the book value of business assets. Due to the fact that there is almost no Liability claims experience in CEE, the rating of Liability Insurance in CEE is still a mysterious art, and this leads to wide swings in premium offers.
The position is complicated by the fact that in some CEE countries, especially non-EU territories, the local legislation and court system are very unused to the liability concept leading to unusual and variable judgements. In effect every liability insurance court case in CEE is still a test case.
To speak to a professional about your liability insurance needs, please contact your nearest MAI CEE office or submit your question on the ‘Contact’ page (button top right of screen).