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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