Every year starts with big, bold ideas. And this year started out bold, but who knew how big a year it was going to be. What happened in 2020?
Here are my insights into the 4 biggest trends we saw in 2020 that affected insurance:
1. First and foremost, there was, and still is COVID-19. As we hope to close this chapter in 2021, there is still a long road ahead with hundreds of millions just in the U.S. waiting to receive the vaccine.
2. The U.S. property and casualty market has caused firming of most product pricing and availability this year and the trend is expected to continue into 2021. Leading the charge for this increase is the largest catastrophic losses in history, insurance companies are raising prices due to exposure, re-insurance, and increased litigation surrounding insurance claims.
3. Cyber Coverage is changing every minute. Cyber insurance is so important for small business. 43% of companies that have a breach are out of business in 6 months. An average business does not know how to navigate a claim. With proper coverage in place, however, businesses are able to weather a storm that would otherwise put them completely out of business.
4. The increased usage of telehealth during the coronavirus pandemic has increased significantly. The ability to reach more people without exposing patients or providers to the virus, healthcare providers need to make sure they are licensed to practice in the states where the patient is serviced. Telehealth could also expose providers to greater liability if a patient misconstrues a doctor’s order.
There are many more stories in 2020! What a year!
We look forward to the opportunities a New Year brings.
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Written by Kara park
If you have any questions, please feel free our agency at (561) 994-0880.