“As insurance moves to more remote working, there is a greater risk of fraud and hacking,” said Bruce Carnegie-Brown, chairman of the Lloyd’s of London insurance market.

Covid-19 Pandemic: UK’s Airmic calls for change in approach to insurers’ pandemic response

May 13, 2020

Greater collaboration and communication between businesses, insurers and brokers to allow innovation and opportunity to emerge from the crisis.
Looking beyond the COVID-19 pandemic, Airmic supports the creation of national catastrophic pooling and reinsurance mechanisms, such as the existing UK pools for terrorism and flood. They must, however, be embedded in broader national and international risk strategies and should themselves be pooled to ensure the efficient use of capital, the association continued.

Coverage of Pandemic Risk through P/C Insurance could be designed like existing Federal Programs:US actuaries’ body

May 13, 2020

“Pandemic risk is more similar to the catastrophic risks covered by programs like the Terrorism Risk Insurance Program and the National Flood Insurance Program than to risks normally insured by the commercial insurance market, and any new federal program seeking to facilitate pandemic risk coverage should reflect that difference,” said Academy Vice President, Casualty, Lisa Slotznick, the signer of the letter on behalf of the Academy’s Casualty Practice Council to the House committee.

UK Govt to support businesses through Trade Credit Insurance guarantee

May 13, 2020

The government will temporarily guarantee business-to-business transactions currently supported by Trade Credit Insurance, ensuring the majority of insurance coverage will be maintained across the market. This will support supply chains and help businesses to trade with confidence as they can trust that they will be protected if a customer defaults on payment.

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