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COVID-19 has put substantial pressure on the global economy and insurance industry. The majority of P&C insurance carriers have already launched initiatives aimed at boosting top-line revenues. (Shutterstock) COVID-19 has put substantial pressure on the global economy and insurance industry. The majority of P&C insurance carriers have already launched initiatives aimed at boosting top-line revenues. (Shutterstock)

With the global economy reeling from the COVID-19 pandemic, the pressure on the revenues of property and casualty (P&C) insurers has intensified. The expected dramatic decline in global GDP and the strong correlation of GDP with gross written premiums (GWP) imperil the P&C insurance industry’s financials. As a result of the crisis, the shrinking economic pie will spur fierce competition.

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