The insurance industry has shown its resilience to COVID-19. Unlike the financial crisis of 2008, insurance companies now have a financial strength. And insurance customers look to them for protection. But how long will it last?
In this insurance news analysis, Abbey Compton and I talk about how the industry can meet customer needs as they gradually emerge from the pandemic. For example, consumers around the world are starting to get used to digital distribution channels, and bancassurance offers are now more attractive.
The demand for life insurance among younger consumers increased but may decrease if the insurance companies do not do more to prevent and mitigate injuries and loss. These younger customers will also expect more wellness-oriented offers in their group benefit plans when they retire.
Companies also seek protection from their insurance companies when working to resume operations. London's West End theaters are examples of companies that are reopening but struggling to get break insurance for everything related to COVID-1
As the pandemic subsides, concerns about sustainability continue to grow. We also discuss how insurers react to changes in their product portfolios and whether sustainability and profitability are really trade-offs.
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