The UK association of risk and insurance professionals Airmic has welcomed Lloyd’s proposals for how the insurance industry can support global economic and societal recovery from the impacts of COVID-19, and to build resilience for future systemic catastrophic events.
In a statement, the association said: “Lloyd’s proposals address the fact that businesses are facing very acute and immediate challenges from the impact of the global pandemic while also considering the medium and long-term insurance challenges that the pandemic has exposed.”
“We are very much at the beginning of the crisis, and businesses need practical support and insurance solutions for potential future waves and unexpected consequences of this virus and Lloyd’s has shown leadership in proposing practical solutions.”
Airmic said it also welcomed that the report looks beyond the pandemic and addresses the need to find a framework for coping with the devastating and long-term impacts of systemic catastrophic events.
Airmic added: “The proposed solutions are the product of broad thinking and extensive consultation with Lloyd’s customers, including those represented by Airmic, the insurance market and government.”
“This collaboration is welcomed as it is vital during such a far-reaching crisis. Only by working together will we emerge from the pandemic stronger, and Airmic is looking forward to working with Lloyd’s in turning this into a reality.”