Like Aesop's ant, insurers must take this time to plan and 'prepare for winter.' (Getty images/ALM Media archives) Like Aesop's ant, insurers must take this time to plan and 'prepare for winter.' (Getty images/ALM Media archives)

The insurance hardening market cycle that began more than three years ago is being exacerbated by falling investment returns from the low-interest-rate environment as well as the onslaught of risks associated with the coronavirus pandemic and climate change. Insurers experienced higher claims across almost all product lines in 2020.

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