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How does the insurance industry sell their way through The Next Great Recession?

At the beginning of the COVID-19 pandemic, financial analysts predicted the Canadian Property & Casualty industry would be able to manage through the crisis in the short term. But in the medium- to long-term, they warned, the industry’s financial situation would get more difficult.

The Canadian economy will re-open in fits and starts while we wait for the vaccine to be developed. This new economic reality will make insurance a tough sell over the next year or two.

But not everything is lost. What do GE, Disney, HP and Microsoft have in common? They were all startups during steep declines in the U.S. economy. Entrepreneurial insurance companies and brokers should seek opportunities in those sectors of the Canadian economy that they expect to start up, bounce back quickly, or even thrive after the business lockdowns. In short, the secret to selling during this crisis may involve identifying pandemic-proof economic sectors that can generate at least some premium growth while the virus runs its course through the Canadian economy.