1 minute read
Introduction
Carolyn Polikoff
Senior Vice President, National Commercial Lines Practice Leader 415.402.6513 | cpolikoff@woodruffsawyer.com
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The last few years have been a reckoning
for the insurance industry. Years of decreasing premiums were incompatible with the reality of frequent and more severe natural catastrophes, increasing jury awards in liability cases, and medical cost inflation. The impact on insurer balance sheets was unsustainable and insurance companies acted by increasing premiums and cutting limits, causing pain for insurance buyers globally. Just when we thought insurance buyers might feel relief, COVID-19 entered the picture and extended challenging market conditions into 2021.
The objective of our annual P&C Looking Ahead Guide is to give our clients guidance around what to expect in the coming year. In addition to premium forecasts, we offer actionable steps for buyers to mitigate risk. As we look ahead to 2022, we see signs of positive change for insurance buyers. We don’t recommend budgeting for decreasing insurance premiums just yet, but the steep increases of the last few years appear to be leveling off. Our property, casualty, and middle-markets experts discuss the factors they expect to shape trends in 2022. Continuing a feature we debuted last year, we once again asked several cargo underwriters at Lloyd’s of London to provide their perspective on both the market and how cargo insurance may help in the supply chain issues dominating the news headlines.
Having a knowledgeable and trusted insurance broker to help you navigate the complexities of risk is critical in all types of insurance markets. We help our clients untangle the complexity of both existing and emerging risk, advise on ways to mitigate risk, and provide creative solutions in insurance program design—our efforts are focused on helping you achieve your growth goals.
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