Many businesses have experience with crisis management, handling everything from natural disasters to cybersecurity breaches. But COVID-19 has presented a unique problem in its unprecedented impact and scale, with the property and casualty (P&C) insurance industry loss estimated somewhere between $40 billion to as high as $80 billion and the global economy predicted to shrink by more than 5% in 2020, with advanced economies expected to decline even more. A slow recovery will limit insurance companies' revenue growth and lead to a fall in demand for products and services.
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