Activity from natural disasters was high compared to recent years, but the most-felt impacts on the industry stemmed largely from retail businesses and personal lines consumers who have experienced financial hardship as a result of the pandemic (Credit: Wright Studio/Shutterstock.com)
In many ways, 2020 felt like a constant catastrophe for the insurance industry, affecting every carrier. Going into 2021, the uncertainty around what types of claims firms will receive — and the volumes of those claims — continues to create a sense of unease within the industry. And on top of that, the way carriers are working has evolved as they strive to balance employee safety and productivity.
Plainly, the insecurities created by the events of 2020 will reshape the way insurance carriers will operate in the future. In this article, we'll take a look at what changes property & casualty carriers saw in 2020 and what those mean for their workload and productivity.
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