In less than a year, COVID-19 changed the business landscape worldwide. Entire workforces relocated from their offices to their homes. Businesses changed channels and basic operations. Consumer behavior changed seemingly overnight.
These sudden changes triggered a steep global economic decline. U.S. GDP declined 4.8 percent on an annualized basis in the first quarter and is projected to contract by 6.5 percent for the full year, according to Federal Reserve and World Bank reports. Being closely tied to underlying GDP, insurers faced steep declines in market valuation, squeezed investment portfolios and reductions in revenue and profitability.