Property and Casualty Insurance Market Survey Q1 2021

Property and Casualty Insurance Market Survey Q1 2021

 


The property and casualty insurance market continued to harden into Q1 2021, according to results from The Council’s quarterly Commercial Property/Casualty Market Index. Respondents reported increases for all account sizes and all commercial lines, including workers compensation. 


The following are key takeaways from The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Report Q1 2021 (January 1 – March 31):

  • Q1 2021 was the 14th consecutive quarter of increased premiums, with respondents reporting an average increase of 10% across all-sized accounts. As with previous quarters, premiums increased the most for large accounts, at 12.9%, followed by medium accounts at 10.9% and small accounts at 6.3%.
  • Premiums increased for all lines of business, including Workers’ Compensation, for the 4th consecutive quarter. Highest among them was again Umbrella, with an average premium increase of 19.7%, followed, notably, by Cyber at 18%.
  • Underwriting tightened significantly for troubled lines like Cyber and Umbrella. Additionally, capacity contracted for both of those lines, with nearly 80% of respondents reporting a decrease in capacity for Umbrella, and 73% reporting the same for Cyber.
  • Respondents indicated that the COVID-19 pandemic’s impact was still being felt in Q1 2021. Most respondents said the pandemic impacted pricing, availability of coverage, renewals and underwriting trends.

For the Full Market Reports:

Download the Q1 2021 P/C Market Report: https://www.wellsins.com/wp-content/uploads/2021/06/2021-Q1-PC-Market-Report.pdf

Download Q1 2021 COVID-19 Supplement: https://www.wellsins.com/wp-content/uploads/2021/06/2021-Q1-COVID-19-Supplement.pdf


For Additional Information:

To learn more about the property and casualty insurance market, please reach out to us at Wells Insurance. Our headquarters can be reached at (910) 762-8551, or feel free to visit our website at https://www.wellsins.com/


 

Related Posts

Leave a reply

Get Started on a Quote Today

From personal and commercial insurance to employee benefits packages and marine insurance we’ve got you covered. Select a product and let us help you find the best coverage at a great value.

Quote Form