• GL
Choose your location?
  • Global Global
  • Australia
  • France
  • Germany
  • Ireland
  • Italy
  • Poland
  • Qatar
  • Spain
  • UAE
  • UK

COVID-19 For Insurers: Risk, Reputation and Response

30 March 2020

The COVID-19 virus has dislocated every aspect of normal social, family and business life. There are no precedents. There is no guide as to how we should respond. The situation is fast-moving and extremely concerning. For insurers the challenges are enormous. Every class of business is affected.

Class-by-class insurers will have to evaluate the risks underwritten, calculate liabilities and exposures. Often this will be against a legacy of policy wordings that were understandably not designed to insure a global pandemic on this scale, or which has such a profound impact on the way we live our lives and conduct business.

No-one could have foreseen a world where most countries have closed their borders, almost all international travel has ceased, people in free countries are being asked to produce official papers just to leave their homes, educational institutions have been shut indefinitely and hundreds of millions of people are working from home. The list of profound changes to our lives is enormous and no country, no business, no family can honestly say they were prepared for it. It started with travel insurance, quickly moved onto event cancellation cover and in parallel alighted on business interruption.

The COVID-19 virus has reminded us forcefully of how we now live in an inter-connected world. Every country is suffering and all are developing their own strategies to combat the virus’s spread and impact. For globally connected businesses and their insurers this adds an enormous layer of complexity to their response to the crisis. Drawing on broad UK and international expertise will be vital.

COVID-19 knows no boundaries, least of all those traditionally adopted by the insurance industry. Every class will be impacted and many of the issues will be similar. It will, however, be important to deploy expertise that can understand the granular issues in the context of the big picture.

We are working round-the-clock to understand how this pandemic impacts you and your policyholders. We will stand by you as we work together to develop the right responses, giving you confidence that you are doing the right things in the right way. Our long-standing emphasis on building deep and genuine partnerships with clients means we are there to help in any way you need us.

Areas covered

  • Business Interruption (including supply chain)
  • Event Cancellation 
  • Property
  • Energy 
  • Financial Lines
  • Healthcare and Med Mal
  • Aviation
  • Construction
  • Marine
  • Excess Liability, Product Liability and Life Sciences
  • Travel 
  • Employers Liability, Occupational Health, and Health & Safety
  • Directors and Officers
  • Policy Wordings and Drafting
  • GDPR, Data Protection and Privacy
  • Cyber Security and Cyber Liability
  • Reinsurance
  • Professional Indemnity
  • Political Risk and Trade Credit
  • Specie and Fine Art
  • General Litigation Queries
  • Civil Disturbance / Rioting
  • Employment/HR Issues

Download report

Further Reading

We use necessary cookies to make our site work. We'd also like to set analytics cookies that help us make improvements by measuring how you use the site. These will be set when you accept.

For more detailed information about the cookies we use, see our Cookies page.

Manage your cookies

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set analytics cookies that help us make improvements by measuring how you use the site. These will be set when you accept.

For more detailed information about the cookies we use, see our Cookies page.

Necessary cookies

(Required)

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

These cookies are required

Tracking cookies

Anonymous cookies that help us understand the performance of our website and how we can improve the website experience for our users. Some of these may be set by third parties we trust, such as Google Analytics.

They may also be used to personalise your experience on our website by remembering your preferences and settings.

Marketing cookies

These cookies are used to improve and personalise your experience with our brands. We may use these cookies to show adverts for our products, or measure the performance of our adverts.