An international alliance of specialist insurance law firms has warned the impact of the COVID pandemic will have long lasting effects across the globe.
Global Insurance Law Connect has launched the first in a series of reports on the pandemic, that brings together the latest views on COVID-19 from its members in eighteen countries around the world.
Jim Sherwood Chairman of Global Insurance Law Connect said the pandemic was set to alter the lives of people across the world and warned the impact was highly likely to be felt for the medium to longer term.
“Even as 2020 began, few of us imagined that the world was about to face one of the largest pandemics in history, changing the way we live and the economies our businesses operate in,” he said. “While countries around the globe endure different stages of handling the pandemic, it is undeniable that the impact will be felt long term.”
“As events unfold, COVID-19 has also changed the priorities for insurers in the short term. We are seeing similar issues raised around the globe, but always reﬂecting differing local cultural, political and geographical challenges.”
“There are common issues with lines of business – travel, life and event cancellation are all seeing the limits of coverage being pushed in respect of losses associated with COVID-19. Disputes involving business interruption policies have triggered coverage challenges in numerous jurisdictions. While the conduct of governments falls under scrutiny, we are also seeing the conduct of company leadership coming under the microscope as businesses try to navigate their way back to financial strength.”
The report, ‘Approaches to coronavirus’, examines some of the common themes of coverage, legal and regulatory issues observed by the specialist insurance lawyers within Global Insurance Law Connect, as well as the potential claims emerging and the impact on the local insurance industry.
The alliance said the impact of the pandemic continued to evolve and as such the report was the first in a series it would be issuing in the coming months and new challenges emerge.