Global reinsurance giant Munich Re has partnered with International SOS, a leading health and security firm, to develop an integrated epidemic and pandemic risk management policy solution.
Through this new partnership between the two organizations, International SOS will now provide health advisory services to Munich Re’s pandemic policyholders.
Moreover, the pandemic insurance and risk financing solution includes access to International SOS’ Pandemic Portal, an online repository of the latest health advice relating to pandemics, as well as real-time one-on-one access to International SOS’ health consultants.
This combined proposition could become a major game changer within the industry. By proactively addressing risk, and future-proofing an organization’s pandemic response, organizations can contribute to an enhanced Duty of Care and ESG agenda, retaining and protecting talent.
Therefore, this can play a pivotal role in protecting business, shareholder value and reputation.
In addition, International SOS’s tailored health advisory service will provide advice and guidance that is objective and neutral, both of which will be based on the available scientific evidence.
The advice is medically-led, and also enables Risk, HR and HSE professionals to communicate recommendations confidently to C-suite decision-makers.
Further, benefiting from the offering was very key for both Munich Re & International SOS, and therefore access to the Pandemic Portal and the Health Advisory Service can be called upon at any time.
As a result, policyholders will not need to wait for a pandemic to be declared by the World Health Organization to seek advice and support.
Mari-Lizette Malherbe, member of the Munich Re board of management said: “I have great pleasure in announcing our new partnership with International SOS. The collaboration brings together the essential components of pandemic resilience; financial protection and access to health expertise to minimise a pandemic’s impact and protect workforces. Climate change and population shifts are making another pandemic more likely, therefore there is a need to create more resilient organisations. This new integrated pandemic risk management solution equips the insured to confidently navigate the next pandemic crisis.”
Franck Baron, Group Deputy Director, Risk Management, International SOS commented: “We are delighted to have partnered with Munich Re on this combined offering for their policyholders. The solution enhances Munich Re’s pandemic policy, supports captives on a topic for which extensive support is often sought. This next step in our relationship with Munich Re will help protect workforces and, in turn, organisational resilience. International SOS is the market leader when it comes to protecting employees and this marks another step forward in our journey.”
In related news, Munich Re has noted that the frequency and severity of weather-related natural catastrophes are increasing across Europe, with an unprecedented series of events exceeding the €1 billion mark this year.
