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ARLINGTON, Va., April 22, 2021 (GLOBE NEWSWIRE) — North American commercial property & casualty (P&C) insurance buyers can expect an ever-so-slight turn for the better and a less difficult marketplace in the months ahead, according to Willis Towers Watson’s (NASDAQ: WLTW) 2021 Insurance Marketplace Realities report. However, the global advisory, broking and solutions company says buyers will continue to face upward pressure on pricing across most lines of business for the remainder of 2021, primarily due to increasing severity of losses that have been the main driver of the hard market.
The company offered some positive news for buyers in the report. Property increases are not as steep as predicted last fall. In fact, according to the report, increases are expected to be lower than predicted last fall for 10 lines of insurance and about the same as predicted for almost half the lines. Only a handful of lines are expected to see higher increases — and some of those just slightly higher. The report conveys that the market has become more orderly and…
