The professional liability underwriting landscape is not likely to improve any time soon. (Photo: Shutterstock) The professional liability underwriting landscape is not likely to improve any time soon. (Photo: Shutterstock)

As insurance brokers and attorneys, we constantly hear of the hardening of the professional/management liability market during COVID-19. But that can be misleading. The hardening that we are experiencing is nothing like a traditional “hard market.” COVID-19, alone, poses huge claim concerns for insurers, but combine a lingering pandemic with a stressed economy, impending bankruptcies, and civil unrest, and you have the recipe for insurance claims on a magnitude never before seen.

This environment is creating an ominous tone in the underwriting rooms — it’s the sound of the window of opportunity closing on all sides: The opportunity for companies to purchase meaningful insurance, the opportunity for brokers to assist their clients, and the opportunity for insurers to make profits.

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