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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.

Insurance carriers have already launched aggressive marketing campaigns to reduce customer churn and attract new business. Some are lowering future premiums, others are returning a portion of current premiums to customers, and still, others are offering customers free temporary add-ons, such as new policies or extended coverage periods. P&C insurers are likely to roll out further sales strategies in the next normal.

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