What's Driving The Insurance Market: THE YEAR AHEAD
2021 Commercial Property & Casualty Market Outlook
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A LOOK INTO THE REPORT:
To say 2020 was a challenge is an understatement. The coronavirus pandemic has upended businesses resulting in employee furloughs and layoffs and, in some cases, bankruptcies. Remote work and online schooling have become the unusual standard. Travel and social gatherings are restricted.
The insurance industry has been heavily impacted by COVID-19, while also challenged with record catastrophic property and liability losses that have ushered in hard market conditions in the Commercial Property & Casualty sector. We expect these conditions to persist well into 2021.
According to rating agency AM Best, the U.S. Property/Casualty industry’s net underwriting income fell 86% in the first nine months of 2020, compared with the year-earlier period, to $600 million, as insurers reported COVID-19-related decreases in insurable exposures. Stay-at-home orders and government business closures in response to the pandemic prompted Commercial Property & Casualty insurers to provide policyholders with premium credits and policy refunds.
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