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Insurers Expected To Face Limited Growth and Higher Premiums in 2021

Research and Markets
·2-min read

Dublin, Feb. 18, 2021 (GLOBE NEWSWIRE) -- ResearchAndMarkets.com published a new article on the insurance industry "Insurers Expected To Face Limited Growth and Higher Premiums in 2021" report has been added to ResearchAndMarkets.com's offering.

The COVID-19 pandemic forced the insurance industry to move to digital operations almost overnight. It also had a significant impact on consumer's habits and expectations. In 2020, insurers saw a huge increase in the number of business customers' filing business interruption claims because the pandemic affected their ability to do business. Although most insurers adapted quickly to the new normal, they may still face limited growth and higher premiums in 2021. Some property casualty lines are expected to be affected by the pandemic and its aftermath more than others. Workers' compensation insurance sales, for example, were undermined by massive job losses and Deloitte's US premium projection suggests volume may not return to prepandemic levels until after the fourth quarter of 2022.

One trend that is expected in 2021 is new types of coverage such as an increase in the amount of parametric policies offered. These pay upon the occurrence of a triggering event rather than a specific insured property loss. Automotive and home insurance may also see opportunities for innovation as customers expect offerings that are more tailored to their own circumstances and habits. For commercial lines, new cybersecurity risks created by the widespread move to working from home are likely to drive demand for increased cover for threat prevention, mitigation and restoration in 2021.

The article on ResearchAndMarkets.com contains a selection of reports on insurance such as:

  • OnlyStrategic Insurance Newslink Global Trends Database

  • Insurance Sector Scorecard - Thematic Research

  • Cyber Insurance Market Research Report by Insurance Coverage, by Component, by Insurance Type, by End User - United States Forecast to 2025 - Cumulative Impact of COVID-19

To see the full article and a list of related reports on the market, visit "Insurers Expected To Face Limited Growth and Higher Premiums in 2021"

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