Tragic, Yes, But COVID-19 Didn’t Change The Insurance World

The insurance industry should not be surprised by the fact there was a global health pandemic, a senior P&C industry exec says, adding that COVID-19 is not likely to change industry fundamentals significantly, since nothing new was brought to the table as a result of it.

It may seem like an odd thing to say, Rob Wesseling, CEO of The Co-Operators, acknowledged at a recent virtual conference. But “COVID-19 is not changing the industry.”

“In my view, the pandemic simply brought one of the significant risks that we live with every day to the top of our consciousness,” Wesseling said during a presentation during the Future of Insurance Canada virtual event.

“But let’s be honest: A pandemic with this level of severity should not be a surprise to those who study epidemiology or those that study risk, so it should not be a surprise to us.”

That said, Wesseling added, the COVID-19 global pandemic has made the industry more aware of how many risks there are around us. And it has accelerated the pace of industry trends that were already in motion.