Market Update: A cautiously optimistic outlook for the commercial insurance industry
The pandemic has accelerated some of the trends that the insurance market was already experiencing, particularly in certain lines of business such as Directors and Officers (D&O), US Casualty, Legal and Construction Professional Indemnity and Cat exposed Property placements.
This was reflected in:
• Greater rate increases across most lines of business
• Reduction and restriction in coverage for a range of pandemic/epidemic and COVID-19 exposures
• Capacity withdrawal and reductions as insurers looked to manage their portfolio volatility and, in some cases, significant increase their price for capacity deployed
We hope you find the commentary insightful and useful to enable you to navigate the challenges of this dynamic marketplace.