Marketplace Insight – Historic Downturn Creates Headwinds
Reduced capacity and restricted risk appetites will endure longer in an economy hobbled by the COVID-19 pandemic.
As expected, Canadian insurance companies that write predominantly commercial lines faced severe challenges through the first half of 2020. The actions insurers began to take in 2019 aimed at returning the industry to long-term sustainable profitability have been complicated by the sudden and precipitous economic downturn caused by the COVID-19 pandemic.
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