February 15, 2022
It has been a tough period for the insurance intermediaries and their clients. When the going gets tough, the tough get going – and that is how this year has played out for all players in the insurance and risk management space.
The beginning of 2021 started with a truly tough renewal season for many, and only a lucky few escaped the worst fallout from the twin impact of a hard insurance market and the Covid-19 pandemic. Intermediaries had uncomfortable conversations with their clients as they had to explain that premium rates were again on the rise, but more critically, they could not get the same scope and levels of cover as the previous years at all, or without lining up a dozen or so insurers rather than just one.
Whilst it did very much depend on the class of business, most clients were impacted in one way or another.