While a great deal changed for non-life insurers in 2020 – sentiment hit the sector hard thanks to the first pandemic for 100 years – much remained the same. Risks rose and demand remained, the latter largely because a great deal of non-life insurance is non-discretionary. Nick Martin, manager of the Polar Capital Global Insurance Fund, gives his thoughts on what 2021 and beyond might hold for the sector, with the key being how it is valued by the market.