The pandemic is further increasing uncertainty and protectionism in global trade which is set to boost demand for trade credit insurance. While some insurers are themselves impacted by the crisis, a diverse set of solutions exists for corporations.
You may hear about these popular phrases recently, lockdown, stay at home order, work from home, social distancing, quarantine. For companies relying heavily on information technology, when many colleagues have to work remotely away from the office, network connectivity and remote computing, of course are of utmost importance and with immediate urgency.
When COVID-19 hit, both insurers and the insured had to grapple with policy claims and whether a product responded to the crisis.
Chinese companies are seeing an increased need to purchase directors’ and officers’ liability insurance (D&O) after China expanded corporate disclosure requirements and made it easier for investors to sue company directors.
Many countries were caught off guard when SARS-CoV-2 spread among the population. Since epidemics and pandemics are likely to become more common in the future, governments and insurers are looking at options to increase the financial resilience of societies and economies ahead of the potential next event.
As some governments begin to ease COVID-19 restrictions, researchers are warning that the frequency of pandemics is likely to rise in the future. It would therefore be wise for governments and societies to act on some of the lessons from the COVID-19 crisis.