Artificial Intelligence - January 26 2021
As we head into 2021, and the second year of the pandemic, optimizing underwriting capacity and efficiency continues to be a priority for commercial lines insurance carriers. While most are optimistic that the business environment will be better this year than last, the positive outlook is tempered by the realization that significant challenges and uncertainties lie ahead for the industry.
In a recent report titled Commercial Insurance Market Is Hardening, Fitch Ratings predicts that commercial insurers will be hit hard by pandemic-related losses through the first half of 2021. The report states that they expect continued rate hardening in the commercial insurance market with double-digit price increases already reported for a variety of lines of business.