Product Update

"Steady As She Goes" and Market Corner Articles in Risk Financing

This issue of Risk Financing Perspectives, "Steady As She Goes," deviates from the usual format of a discussion of some specific technique or product utilized to quantify or finance risks. Instead, it recounts the story of Ernest Shackleton's 1914­–1916 Antarctic expedition to offer some encouragement and even some practical guidance for navigating the ongoing turmoil from the global COVID-19 pandemic and, more specifically, its impact on an already unsettled property and casualty insurance market. The story of this expedition and the perseverance of Shackleton and crew provides a good example when faced with adverse conditions.

This release also includes our regular "Market Corner" discussion. "Market Corner" provides quarterly updates on current property and casualty insurance market conditions. Even prior to COVID-19, insureds were incurring double-digit premium rate increases across a number of lines of coverage, including property, directors and officers liability, and excess liability. Ongoing uncertainties over the magnitude of pandemic-related claims and the drag on the global economy in general are adding to the industry's woes. Workers compensation is the only stable line of coverage for most insureds in the current market.