National Analysis Reveals Hardening Market, Other Industry Trends
Deerfield, IL—Alera Group, a national property & casualty, employee benefits, wealth management and retirement services firm, today released its 2021 Property and Casualty Market Outlook.
This extensive document provides a comprehensive, future-oriented view of the property & casualty market from coast to coast, both by coverage line and industry. This report gathers input from national carriers, regional carriers and wholesalers and paired its findings with Alera Group’s industry experts across the country, revealing a hardening market in 2021 with rates rising in nearly every line of coverage.
Some of the report’s key takeaways include:
- Less Coverage Available in 2021: Insurance market respondents expect less coverage availability in 2021 for multiple lines of business, including commercial auto, business interruption, D&O, and umbrella & excess liability.
- Capacity Expected to Lower Across Almost All Lines: Apart from professional and environmental liability, respondents expect less capacity in 2021 for every line of business.
- Key Factors Driving Market Conditions: While the pandemic is a given driver, natural disasters, decline in investment income and lower profitability are also key contributors to the current market conditions.
“We are proud to release Alera Group’s first-ever market outlook report. We anticipate that it will be a valuable resource for clients across the country,” said Mark Englert, Executive Vice President and Property & Casualty Practice Leader at Alera Group. “With pricing increases, lengthened renewal times and reductions in coverage and capacity, 2021 will likely be a continuation of the current hardening market.”
Englert continued, “Although 2021 may prove to be a difficult insurance marketplace, our team of experts remains committed to designing and implementing cost effective solutions for our clients.”
“It is too soon to fully anticipate the impact of COVID-19 on the marketplace, but we can safely expect placement difficulty and rate increases,” said Jane Koppenheffer, President of The Insurance Alliance Network, an Alera Group company. “Our property and casualty experts will continue to create targeted resources that keep our clients informed throughout the pandemic and its aftermath.”
The 2021 Property and Casualty Market Outlook is available for download by clicking here. Contact a local Alera Group agency or email firstname.lastname@example.org with questions and requests for assistance.
About Alera Group
With over 90 locations across the country and more than 2,000 teammates, Alera Group works together to deliver solutions in employee benefits, property and casualty, retirement services and wealth management. Built on a unique model of collaboration, Alera Group is now the 17th largest independent insurance agency in the United States. For more information, visit aleragroup.com.