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Instant Insights / 2021: Insurance trends and issues to watch

After a year as challenging as 2020, insurance professionals and insureds looking at 2021 with a positive outlook. But that doesn’t mean they are resting on their laurels. Now is the time for agents, brokers, and insurers to strategize for the months ahead. These articles provide insights into the insurance and risk management trends to keep top-of-mind this year.

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How has the current market environment affected commercial insurers' strategies and plans for this year? (Photo: ESB Professional/Shutterstock) How has the current market environment affected commercial insurers’ strategies and plans for this year? (Photo: ESB Professional/Shutterstock)

The unexpected, unprecedented events of 2020 turned the world upside down. Like every business sector, commercial lines insurance had to adapt and adjust throughout the year.

Many commercial lines insurers have experienced significant financial hits from the pandemic due to increased claims, lower business volumes, and the decreasing payrolls of their customers. Large reserves have been set aside, but the continuing uncertainty means that there may be long-lasting negative impacts to financials far into 2021. How much has the economic environment affected insurers’ strategies and plans for 2021?

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