Insurance is a $5 trillion dollar global industry that has experienced significant growth. In the U.S., the world’s largest insurance market, P&C insurers saw growth with net income increasing to $61.9 billion in 2021, from $60.3 billion in 2020,

However, due to the looming recession, coronavirus pandemic, as well as government and legal action has changed the P&C landscape. Class-action lawsuits related to denials of coverage for business interruption and government orders regarding relief for consumers and businesses are widespread.

As we collectively emerge from the pandemic and looming recession into a new economic reality, insurance companies will compete on trust, values and responsibility to customers.