Gary Reshefsky, left, and David Josefsberg, right, of Century Risk Advisors.What is happening in today’s insurance marketplace and how is it being affected by the pandemic? Entering 2020, the cost and availability of insurance experienced hard market conditions. The 10-year run in premium reductions for corporate property and casualty insurance ended. Premiums increased and coverage restrictions were common. Inflation of claim settlements and the costs of reinsurance required underwriters to be much more disciplined than in past years. Insurance buyers could expect 20%-50% increases in pricing. Premium increases were not meaningful for many businesses that experienced substantial revenue growth over the last 10 years.
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July 24, 2020 at 07:23PM
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Difficult Business Insurance Market Meets COVID-19 | Daily Business Review - Law.com
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