The COVID-19 pandemic continues to depress growth across the world with nearly every country experiencing negative growth and recession. Overall, benchmark GDP forecasts for 2020 and 2021 have been worsening over the last three months pointing to a deeper and wider impact by COVID-19 on global GDP growth than initially forecasted at the pandemic’s onset, according to a new Insurance Information Institute (Triple-I) report. "While the final numbers on the extent of the pandemic and recession’s impact on the industry will not be fully understood until 2021-2022, early indicators point to flat premium growth in 2020 across the world and to significant differences in how the pandemic, monetary policy and the recession are impacting carriers and insurance lines in the U.S. versus abroad," writes Dr. Michel Léonard, Vice President & Senior Economist, Triple-I, in the Global Macro and Insurance Outlook: Q3 2020.
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