Between catastrophes, COVID-19, and other market pressures, the property & casualty insurance industry was tested in unprecedented ways last year. When USI Insurance Services released its "Q2-2020 Commercial Property & Casualty Insurance Market Outlook Report" in June 2020, the industry was just beginning to see the pandemic's effects on the marketplace with rate increases, capacity reduction and tighter underwriter scrutiny across lines. Recently, USI released its Q4 2020 market update and 2021 outlook analysis, highlighting the rate changes and trends it expects will impact insurance clients this year. "Although the market has already firmed significantly this past year, continued uncertainty from potential COVID-19-related cases, higher than normal judgments, developing CAT losses and additional factors have insurers raising rates, lowering capacity, limiting or transferring risk, and taking a harder look at risk profile," writes Robert Meyers, senior vice president, property & casualty leader at USI, in the "2020-2021 Commercial Property & Casualty Market Outlook, Q4 Update" report. Amongst USI's market predictions for 2021 is the assertion that COVID-19 will exacerbate the current dynamics across all casualty lines, including workers' compensation. USI also sees the pandemic influencing an acceleration in employment practices liability and fiduciary liability claims well into 2021. "Even insureds with a lower risk profile are facing much closer underwriter scrutiny as well as higher rates and retention," Meyers adds. "We encourage insureds to start the renewal process early and use quality risk information to present their accounts in the best possible light." To find out more about how insurance rates will be affected this year, click through the above slideshow that features USI's 2021 outlook for product lines in six sectors, including aviation, environmental, casualty, property, international, and executive & professional risk. Related: |

• Insurance to see hard market conditions across lines in 2021
• Rates grew across personal, commercial insurance lines in Q4
• Top 5 challenges facing the insurance industry