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Careful attention to detail and keeping abreast of challenges faced by insureds will help insurance professionals navigate the evolving marketplace. (Illustration: apghedia/Shutterstock) Careful attention to detail and keeping abreast of challenges faced by insureds will help insurance professionals navigate the evolving marketplace. (Illustration: apghedia/Shutterstock)

Around the one-year mark since the start of the pandemic, markets began to experience the lasting effects of the challenges presented to them in 2020. While I’m hopeful that there is light at the end of the COVID-19 tunnel, we’ll likely see hardening market conditions persist throughout 2021.

Below, I explore in-depth some of the key trends and factors that marked the insurance industry over the past year or so and assess what each means for insurance professionals this year:

No. 1: Unpredictable natural disasters lead to a choppy property market in 2021.

Last year (2020) was the most active hurricane season on record, meaning losses were generally below reinsurance retentions and primary markets were left to bear the brunt of claims. Carriers also took a hit in profitability from wildfires, convective storms and attritional losses, with several reporting combined ratios over 100%.

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