December 17, 2020 by David Gambrill
For nine long months, Canada’s property and casualty industry has responded to clients’ needs during a global pandemic first declared in March 2020.
COVID-19, the disease caused by the novel coronavirus, has effectively changed the way we live. It has caused us to restrict our commercial and social activities to avoid the spread of a virus that, as of this writing, has infected more than 475,000 Canadians and killed 13,659.
And yet, as the New Year of 2021 dawns, there is hope for a better future.
Vaccines have been developed and are currently in the early distribution stages to prioritized front-line health workers and those identified as the most vulnerable to the disease. Canadian Prime Minister Justin Trudeau has indicated that he expects a majority of Canadians to have received vaccinations against COVID-19 by the fall of 2021.
At that point, the Canadian P&C industry, like the Canadians they serve, will once again begin to pivot.
Throughout 2020, Canadian Underwriter has covered the many challenges facing the P&C insurance industry: Everything from the rapid shift to working remotely from home and ramping up digital services, to the ongoing hard market and the impact of the imploding economy on clients, their trusted broker advisors, and insurers.
Next week, we look to the future.
For our December 2020/January 2021 print issue, we asked several P&C insurance industry executives, representing both insurance companies and brokerages, how they viewed a post-COVID world.
Specifically, we asked what their operations might look like, how the pandemic might affect the insurance markets, and what the financial future of the industry might be, given the heavy toll of the virus on the Canadian economy.
Throughout the holidays, from Monday, Dec. 21, to Tuesday, Dec. 29, we will be sharing with you in our daily e-newsletters what we heard from industry executives. Please enjoy!
Canadian Underwriter will be operating throughout the holidays, although we will be saving up our original news content for the New Year. In the meantime, we would like to wish everyone in the P&C industry all of the best during the holiday season, and a safe and happy (even if socially distanced) New Year.
Feature image via iStock.com/John_Lamb