The last few years have been a reckoning for the insurance industry. Years of decreasing premiums were incompatible with the reality of frequent and more severe natural catastrophes, increasing jury awards in liability cases, and medical cost inflation. The impact on insurer balance sheets was unsustainable and insurance companies acted by increasing premiums and cutting limits, causing pain for insurance buyers globally. Just when we thought insurance buyers might feel relief, COVID-19 entered the picture and extended challenging market conditions into 2021.