COVID-19 is set to make history in the insurance industry as the costliest event ever seen, but even with the outbreak and subsequent economic downturn, the insurance industry, as a whole, is in a strong position. Innovations are on the way for products and processes, as several leaders in the industry comment on this catastrophe.
Simon Oddy is quoted,“Normally when we deal with a big cat, at some point it ends, usually relatively quickly, and we can start the recovery process,” Baker Tilly's Oddy said. “The storm passes, you stand back and survey the damage, and you put into operation your recovery effort. But here we are in a storm that will not pass.”
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