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SCOR says re/insurers have expertise to understand COVID-19 impact

19th March 2020 - Author: Charlie Wood

Global reinsurer SCOR has called for industry-wide action to be taken over the unfolding coronavirus pandemic.

SCORSCOR’s executive committee described the re/insurance industry as having the mathematical expertise to understand the potential impact of the virus.

SCOR described Life re/insurance in particular as having a unique alignment with the health and well-being of our society.

“The measures we take today won’t stop the virus spreading – it is too late for that. But they will determine whether we can slow it down so that our healthcare systems can cope,” SCOR said in its statement.

“We need to spread our knowledge and educate our fellow citizens of the world to protect all of society, particularly our elderly, our ill and our health-care professionals.”

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The reinsurer noted how many people still do not appreciate the seriousness of this situation and “continue to live their lives with little or only moderate adjustment to their daily routines.”

“Most people are not medical professionals, actuaries or statisticians, so it can be hard for them to understand why any action is necessary as case numbers build gradually.”

SCOR underlined that insurance industry have such an important role to play in helping our fellow citizens understand the spread of the virus and what actions can slow that spread down.

At the present time, based on current public and client information available, and with all required caveats and subject to the evolution of the pandemic across the globe and the effectiveness of containment measures put into place by the respective public authorities, SCOR does not foresee material impact on its book from COVID-19.

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