By Anoop Khanna
Several heads of the UK insurance industry have formed a steering committee to work with government-backed terrorism reinsurance fund Pool Re to develop a pandemic cover.
According to a news report by Reuters, the steering group, which is chaired by Convex group chief executive officer Stephen Catlin, will propose an industry pandemic response to both the government and the country.
Mr 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.”
Members of the committee also include Aviva’s Maurice Tulloch and RSA Insurance Group’s Stephen Hester, among four others, while other participants will be invited to join in due course, the group added.
Britain is in a lockdown due to the coronavirus, with many companies shuttered and some facing the threat of collapse, while millions of workers have been furloughed as the country heads for a deep recession.
Recently, Britain’s ’s Financial Conduct Authority said most insurance policies bought by smaller companies do not cover for disruption caused by the coronavirus pandemic.
Asia Insurance Review