Life Insurers Regain Footing After Shaky 2020
December 9, 2020 by John Hilton
Insurers entered 2020 believing that the new principles-based reserving rules would be the biggest disruption of the business of life insurance.
Oh, how little they knew what was to come.
The COVID-19 pandemic throttled sales figures, sent insurance executives scrambling to activate emergency financial plans, and spurred product development and delivery changes all along the distribution chain.
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“People were locked up in their houses and not buying insurance because you couldn’t see anyone face-to-face,” noted Sheryl Moore, CEO of Moore Market Intelligence. “Life Insurance has been hit a lot harder and in a lot stranger ways than annuities have.”