If we go back to the start of 2020, investor focus was on a gradual improvement in P&C rates coupled with concerns surrounding social inflation.
Rotation: P&C and tech stocks – it takes two to tango
![A1 trailing one month CMS.jpg](https://assets.euromoneydigital.com/dims4/default/6f223d5/2147483647/strip/true/crop/1138x706+0+0/resize/840x521!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F30%2F14%2Feeb2ee734d72b760b684343c4fba%2Fa1-trailing-one-month-cms.jpg)
If we go back to the start of 2020, investor focus was on a gradual improvement in P&C rates coupled with concerns surrounding social inflation.