Within the past few months, experts in all industries have analyzed the ways the coronavirus pandemic will affect their business environments. Insurance is no different. As the pandemic's impact on the insurance market gradually unravels, experts can turn to various indicators to determine how much the industry has been affected thus far. Consider USI Insurance Services' recently released "Q2-2020 Commercial Property & Casualty Insurance Market Outlook Report," which highlights key industry trends amidst ongoing COVID-19 challenges. "While it is too soon to determine the full impact of COVID-19 on the property & casualty insurance industry, markets are facing unique and interrelated challenges that industry insiders feel will continue through 2020 and well into 2021," Robert Meyers, senior vice president, property & casualty leader at USI, said in the report. "In fact, as rate increases, capacity reductions, and other negative trends continue to harden the market, the industry faces a number of challenges and uncertainties resulting from the ongoing COVID-19 pandemic. The property, umbrella/excess liability, casualty, and directors & officers (D&O) liability markets are currently dealing with the most significant issues." Among USI's findings is the reveal that all segments of the property sector are experiencing higher rates, capacity restrictions/limitations, and other challenges resulting from excessive underwriting submissions, virus claims and lawsuits, and more. Additionally, the umbrella & excess liability sector experienced the most significant market hardening within the first half of 2020, says USI. Social inflation, higher attachment point requirements and reductions in capacity are among the factors affecting the space, the brokerage adds. Click through the slideshow above to see USI's market outlook for product lines in six P&C commercial sectors for second-quarter 2020. Related: |

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