Since 2019, commercial insurance providers have been grappling with a hard marketplace which can present a challenge to insurance buyers often resulting in reduced coverage and increased costs. Such challenging conditions were brought on by a confluence of factors that led insurance companies to reevaluate their position. The increased frequency and severity of claims, growing social inflation issues, lasting complications created by the COVID-19 pandemic, evolving cyberthreats and worsening natural disasters have fundamentally reshaped the insurance market.
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