Insurance companies continue working to address profitability issues caused by insufficient pricing and increasing losses. Any hope for stabilization in these areas in 2020 was derailed by COVID-19. The economic downturn and insurance losses will most certainly mean another year of rate increases in 2021. Besides the pandemic, developing losses associated with nuclear verdicts, social unrest, natural catastrophes and business interruption will remain in the spotlight throughout the year.
Even as we continue to make progress against the pandemic with vaccines, the long-term outlook for the commercial transportation market remains difficult to predict. Consumer spending will begin to shift away from products toward services, leading to a moderate growth forecast in 2021 from economic analysts. Take a look at this McGriff Transportation Market Update for the latest insights on market trends and guidance as we navigate this challenging marketplace.
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Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
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