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Catastrophes and COVID-19 are Changing P&C Business Trends

For most lines, premium volume had been rising through the end of 2019. The events of 2020 abruptly changed that.

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The past year turned out to be the most active hurricane season on record, with 30 named storms, of which six were Category 3 or higher. 2020 was the fifth consecutive year with an above-normal hurricane season. (Credit: National Oceanic and Atmospheric Administration) Adding to 2020′s catastrophe loss total, the past year turned out to be the most active hurricane season on record, with 30 named storms, of which six were Category 3 or higher.  (Credit: National Oceanic and Atmospheric Administration)

Year-end numbers are in, and for the property & casualty industry, the financial results for 2020 were dictated by the ongoing impact of the COVID-19 pandemic and catastrophe losses, a new AM Best report explains.

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