Insurance companies' expense reduction actions due to COVID-19 in North America 2020
The vast majority of insurance companies in North America have already enacted furloughs, layoffs and a freeze on promotions to reduce workforce-related expenses due to the global COVID-19 (coronavirus) pandemic, according to a survey in mid-2020. Over two thirds of respondents indicated these measured had already been taken, while over half also confirmed they had reduced compensation and limited raises and bonuses.
