It's no secret that the pandemic hit the aviation industry hard. 2020 was the worst year in history for air travel demand. The International Air Transport Association estimated losses to be at $126.4 billion 2020. 2021's estimated losses are predicted to be less than half of that at $47.7 billion. Compare those statistics with the fact that the aviation market was hardening before COVID-19, and you realize that the industry faces significant challenges. But, the airline industry is here to stay and they need insurance coverage. That's where Camille Knight comes in. She's a senior broker with the CRC Indianapolis office and is new to CRC but has extensive experience in writing aviation industry risks.
This month, CRC Group released a new set of REDY Index reports. These reports harness wholesale’s largest data set to give retail agents a powerful tool to discuss pricing with their insureds.
Amid the stubborn coronavirus pandemic, institutional capital and developer investment has paused, forcing contractors to take a wait-and-see approach for their direction in 2021 and beyond. While the industry cheered the economic comeback of the third quarter after a record second-quarter slowdown, developers and builders remain cautious, particularly in sectors deeply affected by the pandemic and the associated shutdowns – namely office buildings and hospitality. Well-capitalized projects, including those funded by municipal bonds, appear set to continue on plan while other more speculative investments have been sidelined indefinitely.
The road ahead may be opening up in the primary auto market after last year’s nationwide economic dislocation brought on by the pandemic. The trucking industry, in particular, endured months of turmoil amid massive shifts in demand as people nationwide began not only working from home—but also staying at home after work. In commercial auto, the shutdown-induced reduction in traffic congestion may have brought a decline in accident frequency. That would be welcome news for insurers in a market where the combined ratio overall has remained above 100 for a decade.