Seven Key Trends Affecting 2021’s Hard Insurance Market

Denise GillinInsurance, News

By James C. Drinkwater for

Around the one-year mark since the start of the pandemic, markets began to experience the lasting effects of the challenges presented to them in 2020. While I’m hopeful that there is light at the end of the COVID-19 tunnel, we’ll likely see hardening market conditions persist throughout 2021.

Some of the key trends and factors that marked the insurance industry over the past year or so include:

  • Unpredictable natural disasters lead to a choppy property market in 2021
  • Lifestyle changes and emerging threats lead to dramatic shifts in cyber
  • The ever-evolving cannabis / CBD industry means growing risks
  • Excessive fee litigation is changing the fiduciary insurance market
  • Opportunity in offshore wind infrastructure spurs a shift in energy
  • Markets rely on telematics and loss control to determine risk
  • Risks grow for Florida’s condo market while willingness to write coverage tightens

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