__MAIN_TEXT__

Page 31

MIDDLE MARKET UNDERWRITER SURVEY RESULTS Our experience during the last two years of increasing pricing has been that large companies are seeing bigger increases than medium-sized companies (middle markets) and small companies. Given that the US economy is made up of many more medium-sized companies than large, we wanted to give more targeted guidance to these companies. To that end, we surveyed underwriters specializing in middle markets at 12 insurers, including CNA, Chubb, The Hartford, Liberty Mutual, and Travelers. The headlines are that auto continues to be a concern for underwriters and this concern is undoubtedly also impacting their view of umbrella rates. We encourage all insurance buyers regardless of size to invest in fleet safety programs to differentiate your risk to underwriters. The uncertainty around the impact of COVID-19 is also evident in this survey. Most insurers are not looking to broadly exclude pandemics—instead, they are focusing on specific risks, which will likely be related to certain industries (i.e., hospitality). Also, most underwriters expect COVID-19 to only have a marginal impact on pricing.

Profile for Woodruff Sawyer

Looking Ahead to 2021: A Guide to Property & Casualty Risk Management and Insurance  

In this year's P&C Looking Ahead Guide to 2021, we forecast rate trends and offer actionable steps you can take to mitigate rate increases a...

Looking Ahead to 2021: A Guide to Property & Casualty Risk Management and Insurance  

In this year's P&C Looking Ahead Guide to 2021, we forecast rate trends and offer actionable steps you can take to mitigate rate increases a...