Commercial and specialty property and casualty (P&C) insurance industry remade by COVID-19 has been saved
Commercial and specialty property and casualty (P&C) insurance industry remade by COVID-19
Future of the insurance industry remade by COVID-19
Given the impact of COVID-19 on the insurance industry, the future holds uncertainty for commercial and specialty-line insurers. Explore scenarios for how the commercial and specialty P&C insurance industry may evolve over the next one to three years to help spark insight and spot future opportunity.
- P&C commercial and specialty insurance industry remade
- Four P&C commercial and specialty insurance COVID-19 scenarios
- Dealing with uncertainty
- Get in touch
- Join the conversation
In the wake of COVID-19, Deloitte and Salesforce hosted a dialogue among renowned scenario thinkers to consider the potential societal and business impact of the pandemic. The results of this collaboration can be found in The world remade: Scenarios for resilient leaders.
Commercial and specialty P&C insurance industry remade
The future holds uncertainty for commercial and specialty-line insurers as they consider the industry impact to evaluate current and future opportunities. What are the key considerations in evaluating industry exposure?
- Industry exposure to the effect of the pandemic
- The size and stability of insurers
- Extent of government intervention varies by sector
- Short-tail vs. long-tail risks
- Geographical variation
Given the numerous uncertainties, we explore how the insurance sector might evolve over the next one to three years so leaders can:
- Explore how trends we see during the pandemic could shape what commercial and specialty P&C insurance may look like in the medium term.
- Have productive conversations around the lasting implications and impacts of the crisis.
- Identify decisions and actions that will improve resilience to the rapidly changing landscape.
- Move beyond responding to the crisis, and towards recovering in the medium term.
Retention, growth, and profitability levers:
- Enhance digital capabilities
- Innovate for new normal
- Drive operational efficiency
- Leverage data analytics and artificial intelligence (AI)
Dealing with uncertainty
Commercial insurers need to consider industry impact to evaluate current and future opportunities. Leaders should prioritize retention, growth, and profitability levers, which will have impact across five functional areas:
Scenarios for resilient leaders in a post-COVID-19 world
Actuarial perspective on 2020 loss reserves and future pricing