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.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.