ROLLING MEADOWS, IL (STL.News) Gallagher, a global insurance and risk management brokerage firm, today released its Fall 2020 U.S. Market Conditions Report. The report provides rate guidance for specific lines of Property/Casualty commercial coverage, industry and geography utilizing Gallagher Drive™, the Company’s proprietary data and analytics platform.
The Gallagher Drive platform combines decades of historical records and credible third party data. When analyzed by Gallagher’s Market Relations team, who are experts with deep industry and business experience, Gallagher can give its clients the detailed information they need to take immediate and long-term actions, which is especially important in a hard market.
According to the report, in a traditional hard market, capital and consequently capacity are reduced, limiting the availability of insurance. But this marketplace is driven by the need for underwriters to make a profit underwriting versus relying on investment income. Carriers remain intensely focused on underwriting discipline, ensuring they secure the right terms and pricing on certain lines of coverage that have historically not performed from an underwriting standpoint.
To download the full report, visit https://www.ajg.com/us/news-and-insights/2020/oct/gallagher-2020-fall-insurance-market-update/
Please note, data provided in this report includes averages and the variances we are seeing from the mean remain extreme. As we have outlined in previous market updates, a client’s risk profile is the primary variable dictating renewal outcomes. Loss experience, industry, location and individual account nuances will also have a significant impact on these renewals.