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The pandemic has heightened the sense of urgency for P&C companies of all sizes to accelerate their digital transformation journeys and collaborate with partners that were former competitors: InsurTechs. (Shutterstock) The pandemic has heightened the sense of urgency for P&C companies of all sizes to accelerate their digital transformation journeys and collaborate with partners that were former competitors: InsurTechs. (Shutterstock)

The property and casualty (P&C) insurance sector represents $1.6 trillion in premiums and makes up one-third of the insurance industry, according to McKinsey & Co.

S&P Global Market Intelligence reports that the P&C industry recently saw the largest-ever quarterly decline in surplus during the first quarter of this year, fueled by the fallout from COVID-19. An above-normal hurricane season also is wreaking havoc across the industry, with many independent adjusters unable to access properties due to travel and social distancing restrictions. Losses from Hurricane Isaias alone are estimated to reach up to $5 billion.

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