Before the coronavirus became the main topic of discussion, the insurance industry was focused on the hardening market in certain lines of business. In early 2020, Marsh reported that global insurance pricing was on the rise across all three major product lines – property, casualty, and financial and professional – in its Global Insurance Market Index. Moreover, as of September 2019, there had been eight straight quarters of global insurance price increases reported in the brokerage giant’s market index.
Top leaders in the US insurance market were unsurprisingly keeping a close eye on this market and their exposure to risks, especially after a catastrophe-ridden 2017 and 2018.
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