Liability insurers need to revisit their business strategies, as market trends such as favorable calendar-year underwriting have concealed the sector's dwindling accident-year results, a Conning report says. "Decreasing loss frequency and an ample reserve position have supported satisfactory results even in the face of falling premium rates in the past decade's soft market. If current trends continue, however, the tort environment is expected to worsen for the defense bar, with adverse loss frequency and severity trends likely emerging for insurers," said Jerry Theodorou, an analyst with Conning.