Executive summary :
The COVID-19 pandemic is a global health emergency on a scale not seen in generations. Already it has disrupted the global economy and thrown the future of billions into doubt.
The crisis is hitting the insurance industry more universally and faster than previous pandemics and economic shocks. Operational costs are rising due to crisis management, while premiums shrink in many lines of business. New business in motor insurance, for example, is declining as people drive less due to social distancing.
Investment returns are also under pressure due to volatility in financial markets.
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