Q1/2020 Business Insurance Marketplace

Weathering the 10th Consecutive Quarter of Rate Increases Dually Impacted by a Global Pandemic

Contacts

EVP, Business Insurance & National Partnerships
+1 804 225 6487
SVP, Sales and Marketing
+1 763 746 8271
May 18, 2020

Businesses have experienced a decade’s worth of challenges over the last three months. They are facing a world-changing pandemic that has resulted in an unprecedented Gross Domestic Product (GDP) contraction, serious liquidity challenges, supply chain issues and business interruptions, state legislative mandates, and the danger of going under.

Add to this, the ongoing climate change, escalating cybersecurity concerns, political risk and geopolitical instability, and increased underwriting scrutiny and you have unprecedented impact on an already challenging insurance market. As a result of these variables, emerging risks of the magnitude we’re experiencing means it is been more crucial than ever to engage with a broker that can provide a broad range of experience in a variety of areas.

COVID-19 is just beginning to affect premiums and rates, but tapping into a broker with broad expertise can help clients mitigate the impact from market fluctuations and uncertainties — and they can be essential for businesses in assessing their emerging risks. Download MMA’s market analysis for a detailed update by line of coverage, by region, and within certain industries.