Shock to the system: How Covid may have changed insurance forever

Black swan events are not unknown to the insurance industry. By their nature, these kinds of events can happen at any given moment and without warning or historical precedent. However, for the insurance industry, and for all of us, Covid-19 has proven that new risks are emerging, and we need insurers to demonstrate now more than ever that they are here to protect us. While the economy is showing some signs of recovery, insurers must not forget the lessons they have learned from Covid-19 and they should see it as an opportunity to grow and improve. For the insurance industry, the lesson is clear: the risks policyholders face are changing, and digital innovation can help the industry respond.