Leaders from across the UK insurance industry have come together to form a new steering group, which will work in collaboration with Pool Re, in an effort to strengthen its response to future pandemics.
The primary objective of the group, which met for the first time on Friday April 17th, is to propose an industry response to both the government and the country for future pandemics, in light of the significant challenges and disruption caused by the ongoing COVID-19 pandemic.
The steering group is chaired by Stephen Catlin, Chairman and Chief Executive Officer (CEO) of Convex, and other members 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. It’s expected that other participants will be invited to join to group in the future.
The new steering group will work closely with Pool Re, the UK government-backed terrorism reinsurer and a solid example of a disaster risk-financing mechanism, around structural recommendations.
An announcement on the new steering group notes that the insurance and reinsurance industry is in a good position to support government, individuals and businesses through its sophisticated claims paying ability and distribution channels. Furthermore, the industry is well placed to provide expertise on how to mitigate risks through its links with academia.
Catlin commented: “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.”
This announcement comes shortly after reports that the UK Government is in talks about implementing a trade credit reinsurance backstop scheme for the duration of the coronavirus (COVID-19) pandemic.
