Optimizing claims processes should be one of the top priorities in an increasingly difficult insurance environment. (Photo: Shutterstock)
P&C insurers face a myriad of challenges: dwindling pricing power, erratic investment yields, recent heightened catastrophe activity, and the still ongoing COVID-19 pandemic. Growing competition in the traditional products and services, coupled with weak demand, are expected to continue to push down rates.
COVID-19 is impacting property and casualty (P&C) insurance companies across multiple lines of business. The lines that are particularly affected include workers' compensation, medical malpractice, business interruption, general liability, and travel insurance. And the pandemic is expected to continue to affect claims and premium trends over the next several months — and potentially for years to come.
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