As businesses, individuals, politicians and lawmakers grapple with the economic fall-out from the Covid-19 pandemic, the potentially harsh glare of the global spotlight is turning on the insurance industry.
Naturally, the industry points to exclusion clauses and the reality that it doesn’t have the balance sheet strength to cover the impending economic shock.
How the market responds and behaves towards its customers now has the potential to secure or damage its reputation for a generation to come.
But can it do more to work with governments? Will the US legal manoeuvres succeed and do they have merit? Conversely, is there a danger that - as politicians’ rhetoric rises - the industry could even be tarnished like banks were post-financial crisis? Are reputations at risk?
Separately, the day job must go on and the 1.4 reinsurance renewals complete later this week. Has the Coronavirus changed approach to wordings, pricing or terms?
This week, our panel of leaders discuss all these issues and more…
The latest in our virtual roundtable series will be published every week. Feel free to share widely!
This edition’s participants:
Mike Brennan, President, Commercial Solutions Division, CRC Group
Julian Enoizi, CEO, Pool Re
Bertrand Labilloy, Chairman and CEO, CCR Re
David Priebe, Chairman, Guy Carpenter
Mervyn Skeet, Assistant Director, Head of Taxation, ABI