Vaccines currently pending approval from regulators are seen as the solution for the world to emerge from the COVID-19 pandemic, but even if they are as effective as it is hoped for, the process to regain our freedom of movement is set to be arduous.
The fate of business interruption policyholders who have submitted claims following the COVID-19 pandemic is set to be decided by the UK’s Supreme Court in a judgement that may overrule the previous High Court decision.
The pandemic has accelerated the evolution towards a more fit for purpose office as a large number of employees no longer want to miss the benefits of working from home (WFH).
The insurance industry is aware of the risks that climate change represents to its business in form of floods, storms and wildfires and is reducing its exposure to fossil fuels both in underwriting as well as investments. The pressure on oil and gas companies to transition to a more sustainable and climate friendly energy sector has increased substantially in recent years.The Covid-19 pandemic might provide the final push.
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.
The experience of self-isolating at home for weeks during the COVID-19 pandemic is likely to mark society.
Having worked in insurance since the early 1980’s, the one thing hard markets have taught me is that they rarely have the same trigger but the fundamental effects are fairly similar: Property classes suffer in the short term but liability classes suffer for longer. The consequences of the COVID-19 outbreak will most likely follow this pattern.