Of the three longer-term consequences identified in the report, Stephen Tu, vice president and author of the report at Moody's, says, "The first and third will be the most impact to the P&C industry — the second to a lesser degree." (Credit: Bebeto Matthews/AP Photo)
COVID-19 has fundamentally changed the world's collective definition of what normal looks like for the foreseeable future. Working from home and staying indoors as much as possible is now the reality for many while essential workers work to contain the spread of the novel coronavirus and keep economies from grinding to a halt; businesses are attempting to stay afloat as revenue streams are no longer flowing in at normal levels; terms like "social distancing" and "flatten the curve" are virtually in everyone's lexicon, and much more.
While all the consequences of COVID-19 warrant attention, many are focusing on the economic impact it is causing. For financial services, much of the impact will be in the short term, but Moody's Investors Service expects there "will be far-reaching longer-term effects that will fundamentally reshape many aspects of the macroeconomy, business life and consumer behavior."
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
