Insurance companies' expense reduction actions due to COVID-19 in Europe 2020

Published by Jennifer Rudden, May 5, 2022
Furloughs. layoffs and a freeze on promotions were already prevalent among European insurance companies, in an effort to curb personnel costs after COVID-19. This according to a survey in mid-2020. Around 60 percent of respondents indicated these measured had already been taken, while over 40 percent also confirmed they had reduced compensation and limited raises and bonuses.

Share of insurance companies in Europe who have taken actions to reduce workforce-related expenses due to COVID-19 in 2020, by action

CharacteristicAlready donePlan to doHave not done and do not plan to doDo not know
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Showing entries 1 to 5 (5 entries in total)
Statistic: Share of insurance companies in Europe who have taken actions to reduce workforce-related expenses due to COVID-19 in 2020, by action

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Source

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Release date

December 2020

Region

Europe

Survey time period

July and August, 2020

Number of respondents

200 respondents

Special properties

Senior insurance executives in finance, operations, talent, and technology

Supplementary notes

The source does not specify the method used during the survey.

The source does not provide any information regarding percentage points exceeding 100 percent.

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