Success during and after this pandemic or any other crisis requires you to think seriously about how to take action at this moment to initiate recovery and growth while possibly facing additional threats. (Credit: Nok Lek/Shutterstock)
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.
As a result, crisis management has become everyone's job, with all business leaders attempting to adapt — without playbooks, past references, or case studies they can apply directly to the current situation. They need help; they need vision. Which industry has the most experience dealing with risk in all shapes and sizes? The insurance industry. However, in the face of so much fear and confusion, even insurance business leaders are being pushed beyond their limits.
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