There was no playbook for COVID-19 just like there wasn’t for the Global Financial crisis. How have insurers managed their investment objectives (and risk) during the COVID-19 crisis? Did insurers have a sufficient liquidity risk management process in place (then and now)? During the market downturn, did insurers reduce their equity and/or risky asset exposure further or stick to their rebalancing process? There is not one right answer on what an investment program should look like for every insurer, especially during market turmoil. We will explore how to align an organization’s ability and willingness to accept risk within their investment strategy during normal and volatile market conditions. It is never too late to prepare for the next uncertainty.