Market Summary

Rate increases, nuclear verdicts, stricter underwriting and increased cyber threats continued through the last quarter of 2020. Workers’ compensation remains a bright spot, with rates remaining relatively stable; however, increased rate pressure is anticipated in 2021. Adding to the pressure of 2020, record numbers of natural catastrophes contributed to the ongoing strain in the insurance marketplace. Thoughtful planning, early action and thoroughly understanding risks remain paramount to more favorable outcomes.

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