Chris Sparro, CEO of U.S. Insurance, Comments on Vast Uncertainties in the Commercial P&C Insurance Market

January 22, 2021

In a recent Insurance Business America article, Chris Sparro, CEO of U.S. Insurance, comments on the new range of uncertainties within the commercial property & casualty (P&C) market caused by the COVID-19 pandemic. “The pandemic has certainly impacted the commercial insurance industry,” he said. Adding, “Anyone in the industry will tell you that contract certainty is preferred. We want to honor the words within the four walls of the insurance contract, and there are numerous discussions pre-binding of an insurance offering between the client, broker and underwriter to ensure clarity around the wording and scope of coverage.”


Mr. Sparro stressed the need for clients to provide relevant and meaningful stories and emphasized the role brokers will play in making sure the story the client is stating is directly orchestrated to meet the primary concerns of the carrier. “There’s no simple renewal right now. I think most carriers, including Sompo International, are going to take things on a case-by-case, client-by-client, product-by-product, industry sector-by-industry sector basis. The further out a broker can get ahead of a renewal, the better, because right now, it takes longer to place a program given the landscape of the Commercial P&C insurance market and the fact that underwriters want more detail and more data so they can position themselves appropriately.”


Read the full Insurance Business America article

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