Insurers address the long-term impact of COVID-19

August 2020

The COVID-19 pandemic created substantial operational and financial challenges for insurers. Reacting quickly, they stabilized operations and overcame initial liquidity challenges, then turned their attention to the longer-term implications of the pandemic. Insurance Governance Leadership Network (IGLN) participants also noted that several new opportunities stemming from the pandemic will shape the future of the industry.

From March 27 to May 15, 2020, IGLN participants met in a series of conference calls to discuss how the sector was responding to the COVID-19 pandemic. During virtual meetings on June 2 and June 9, 2020, participants met to discuss how the industry is grappling with the longer-term implications of the pandemic. The following themes emerged from these discussions:

  • Insurers see opportunity to accelerate digital trends

  • Financial uncertainty will continue to create industry challenges

  • Insurers see a path to overcoming reputational challenges