The Strength of Travelers' Commercial Insurance Operations Gives It a Narrow Economic Moat

We believe the strength of Travelers' commercial insurance operations puts a narrow economic moat around its business. The coronavirus affected the company's results in 2020. However, losses stayed well within the range of historical events that the industry has successfully absorbed in the past. On the positive side, Travelers had some natural hedges against COVID-19, and the pandemic was a material positive for its personal auto business, due to a falloff in miles driven.