Senior figures from across the UK Insurance industry have created a steering group, which will seek to find a solution to the issue of pandemic coverage.
The Group will work with UK Terrorism pool operator, Pool Re, with the primary objective to ensure that, working alongside the industry to support customers and communities in the current crisis, the industry can strengthen its response to future pandemics. The first group meeting was held last Friday, 17 April 2020, to agree its objectives.
It comes at a time when the insurance industry has come in for widespread criticism over the lack of coverage for the impact of the pandemic and social distancing measures.
The vast majority of business interruption policies exclude cover for pandemic and there have been complaints from a number of firms which purchased the specific coverage and insurers have been seeking to avoid payment, a claim denied by the industry.
Chaired by Stephen Catlin (pic) (Chairman and CEO, Convex) other members of the group include : Maurice Tulloch (CEO, Aviva), Stephen Hester (CEO, RSA), Julian Enoizi (CEO, Pool Re), Nick Frankland (UK CEO Reinsurance Solutions, Aon), James Nash (CEO, International, Guy Carpenter) and James Kent (CEO, Willis Re). Other participants will be invited to join in due course.
The steering group said its main objective is to propose an industry response to both the government and the country.
Pool Re, said it will work closely with the steering group to provide structural recommendations.
In a statement the group said: “The insurance industry is well placed to support the government, individuals and businesses through its sophisticated claims paying ability and distribution channels. Moreover, the industry can, through its links with academia, provide expertise on how to mitigate risk.”
Stephen Catlin said: “The insurance industry needs to be on the front foot in the current situation, paying claims quickly and continuing to provide people and businesses with the protection they require. Most importantly we need to find an industry solution for future pandemics and this group has many years of combined industry experience.”