Even before the coronavirus pandemic, the commercial P&C marketplace was hardening. Early indications are showing the pandemic has exasperated the situation.
Already, we’re beginning to see insurance carriers increase prices, restrict coverage, cut back on capacity and exercise greater underwriting discipline. These forces are making it more difficult for businesses to purchase the coverage they need.
As the COVID-19 pandemic continues to increase losses among carriers, this hard market is likely to persist and rate increases are likely to continue. This is unfortunate for many companies that are already under financial pressure from the pandemic.
Securing adequate coverage at an affordable rate for insurance renewals will likely present challenges for many companies. Therefore, companies are wise to begin this process early by consulting with their brokers far in advance of a policy’s renewal date. Brokers with strong carrier relationships, experience navigating hard markets and knowledgeable account executives, claims consultants and risk control professionals can help companies lock down the coverage terms and conditions they need during this critical time.
Managing Director, Major Accounts, Practice Leader
37 years of experience in financial services
Masters in Tax Law, Villanova University