COVID-19 impact
In 2020, U.S. state insurance regulators issued directives and guidance in response to the economic impacts of the COVID-19 (coronavirus) pandemic, which encouraged or directed insurance companies to implement accommodations such as extending grace periods for premium payments and forbearing on the cancellation or non-renewal of policies due to non-payment of premiums. In addition, there has been industry and regulatory discussion regarding the appropriate role of pandemic business interruption coverage, and whether insurers should be required to provide such coverage. In 2020, legislators of several states proposed bills that would mandate retroactive coverage of pandemic-related business interruption losses. To date, however, none of these proposals has meaningfully progressed or been enacted.
COVID|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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