The UK insurance leaders have come together to form a steering committee who will work with government-backed terrorism reinsurance fund Pool Re to develop a pandemic cover.
According to Reuters, Amid the Covid-19 lockdown many companies shut their doors and some even facing a threat of collapse, as millions of workers have been furloughed.
The group, which is chaired by Stephen Caitlin, the CEO of insurance company Convex Group said it will propose an “industry pandemic response to both the government and the country.”
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, according to the group.
In a statement, Caitlin 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.”
On Monday (20 April) , The Association of British Insurers said it was talking to the UK government about support for trade credit insurance to help business supply chains due to the coronavirus pandemic.