Our third virtual Covid-19 roundtable highlights how the industry’s smarter leaders are approaching the crisis.
There is dealing with all the immediate challenges now and then there is the pressing need to create solutions in partnership with governments for the future.
They are of course interlinked but there are concerns that the industry initially appeared too defensive by focusing on exclusions rather than also finding solutions.
It’s an understandable reaction considering the snowball of litigation that is careering down the mountain but it can also fuel opportunistic criticism of the industry. A vicious circle, in other words.
Convex founder Stephen Catlin is certainly in that camp – he calls for the industry to get on the front foot in this week’s edition.
On that note, he praises the initiative last week by Marsh’s John Doyle to lobby for a TRIA pandemic equivalent and speculates whether similar could occur in the UK with Pool Re.
It’s a fascinating debate and arguably also an existential one. This is because the great unknown for the industry is exclusions and how the courts will treat them. In particular, with regard to BI losses on commercial property programmes.
It’s also a real time, critical dilemma because (re)insurers have to decide now whether they ought to toughen their exclusions on renewal. If they do, opportunistic plaintiff bar lawyers will argue that it’s proof they weren’t applicable for the existing policies.
Insurers and brokers are having to deal with these issues against a backdrop of huge infrastructure challenges posed by the lock-down.
Our panellists explore all these issues and more in another fascinating roundtable…
The latest in our virtual roundtable series will be published every week. Feel free to share widely!
This edition’s participants:
Lisa Bartlett, President, UK & Ireland, Crawford & Company
Stephen Catlin, Chairman and Chief Executive, Convex Group
Joe Cellura, President, North American Casualty Division, Allied World
Neil Kessler, COO, CRC Group
Herbie Lloyd, CIO, Securis Investment Partners
David Priebe, Chairman, Guy Carpenter
Joel Wood, Senior Vice President, Government Affairs, CIAB