2020 Focus Series: Surviving the COVID-19 Crisis: P&C Insurers Adapt and Overcome
The COVID-19 pandemic has been one of great disruption for the country, economy, and the Property-Casualty sector of the insurance industry. COVID-19 has had a broad and deep effect on insurers financials, including in premium written, claims incurred, and investment returns. Prospectively, new products will be needed to meet the demands of a post-pandemic economy and insurers will be able to better leverage technology in an age of “social-distancing.” Lastly, insurers’ staffing models are already evolving to better deploy staff across the country.
2020 Focus Series: Surviving the COVID-19 Crisis: P&C Insurers Adapt and Overcome Covers the Following Topics:
- Introduction
- Follow the Money
- Prospective Look at the Insurance Value Proposition
- The New Work Environment
Introduction
Without a doubt, 2020 will be remembered as the year that did not go according to plan. While destructive weather across the country or civil unrest would be headlines in other years, those stories are buried below the cover story of COVID-19 and resulting diagnosis, deaths, and economic recession. It is an understatement to say that COVID-19 has had a significant impact on the property-casualty industry.
From the early onslaught of confusion and chaos around the virus’ spread, testing numbers and deaths, to the recent, modest recovery, Conning has provided frequent updates and analysis on the evolving situation. This Focus Series report continues that analysis and insight, using additional experience and data to reflect on the past months.
The implications of COVID-19 are far-reaching in the insurance industry, from personal lines consumers spending less time driving and more time at home to small commercial customers seeing their businesses—and livelihood—closed for months at a time. Furthermore, insurers are seeing different revenue inflows, new claims and loss trends, and suppressed investment results. New products are, and will be, coming to market to meet insureds’ new needs, and the impact on how insurers and their employees operate will be transformational.