April 22, 2020
As the world continues to deal with the coronavirus, governments have started to get a better grasp of the economic damage caused by the crisis and have begun to cautiously chart a way forward. Indeed, the pandemic was a massive blow to business, with devastating effects on future economic growth and employment. In just a matter of weeks, 22 million Americans lost their jobs, unemployment in Europe is approaching 26%, and China’s economy has contracted by 6.8%. The global economic implosion is hurting the insurance sector from both claims payments and renewal perspectives.