Q4 2020 US Business Insurance State of the Market Report

February 23, 2021

Executive Summary

2020 was a transformative year with positive and negative implications. Societal and geopolitical pressures rapidly cascaded in the wake of the global pandemic. Health care systems rallied against all odds. Businesses, small and large, learned how to be more agile than ever. Critical supply and value chains were tested and strained. The jury awards from retirement plan ERISA litigation for fiduciary breach broke records. Technological advances brought unintended consequences in terms of cyber security failures.

Industry-by-industry, these forces have had an unequal impact in both scale and quality. Similar to a natural disaster that levels houses on one half of the street while leaving the other half with simply broken windows, the consequences of these forces has not always been predicable nor equitable. Yet, we have witnessed the resilience of businesses in every sector and of every size.

2021 will be defined by the net-zero environmental transition, sustainable development goals, social justice, and regulatory directives that favor these global adaptations. Resiliency is the theme from Marsh & McLennan Agency (MMA)—delivering increased engagement and greater value to our clients.

While economic shockwaves will continue in different degrees for perhaps years to come, those that approach the new normal with a large measure of agility, and a renewed commitment to sustainability and equality will not only survive but also thrive.

Download MMA’s Market analysis for a detailed update by line of coverage, by region, and within certain industries.