When faced with the promise of a new year, many people look ahead – leveraging lessons from the prior year to chart a path forward, overcome obstacles, and reach for a new goal. The best in the insurance industry often do the same thing as they examine market conditions and strive to meet client needs in an ever-evolving landscape.

When an insurance carrier denied coverage and defense to a condo association just two weeks before a status hearing in a slip-and-fall case, the retail agent turned to CRC Group’s Claims Advocacy Team for help. Despite the time constraints, CRC was able to review the claim, advocate for coverage, and convince the carrier to rescind its denial—all in time for the Insured to receive a defense at the hearing.

Following a soft market cycle characterized by marked underpricing, an excess casualty market that was hardening at the start of 2021 is now firm. Underwriters continue to look for rate increases and cut capacity as large claims climb the tower.

When the coronavirus struck in early 2020, construction projects all around NYC were halted throughout April and May as officials scrambled to outline pandemic restrictions. Unfortunately, with strict lockdowns and safety guidelines required to slow the spread, the construction market in New York contracted by 3.8%, resulting in $9.8 billion in lost construction over the course of the year.

The COVID-19 pandemic resulted in decreased energy production and demand in 2020. According to the U.S. Energy Information Administration (EIA), it will likely take years for the U.S. to return to 2019 levels of consumption. While it’s anticipated that the United States will continue to export more energy than it imports through 2050, recovery will take time and the energy insurance market is feeling the pinch (source 1).