The Risk and Insurance Management Society (RIMS) has called for the creation of a pandemic risk insurance program to accelerate the country's economic recovery. In a letter Monday, RIMS said that a pandemic risk insurance program would increase access to capital from lenders and establish a viable insurance market.
The Federation of European Risk Management Associations (FERMA) has urged the European Commission to reduce the impact of future pandemics by sharing lessons learned across member states; using risk management tools at organizational, national, and European levels; and supporting public-private funding initiatives.
COVID-19's impact on capital markets will influence US insurers' first-quarter earnings, according to S&P Global Ratings, though its effect on morbidity and mortality likely won't have as much of an impact on insurers' underwriting performance. The rating agency's outlooks for all three US insurance sectors remain stable.
Catastrophe risk modeling firm AIR Worldwide has launched a complimentary COVID-19 Projection Tool. The interactive tool, based on AIR's pandemic modeling data, provides COVID-19 case and death projections worldwide for the next 4 weeks with the data updated daily to project 1 day further into the future.
Bermuda insurers and reinsurers are demonstrating "operational resilience" as they meet clients' needs during the COVID-19 pandemic, according to the Association of Bermuda Insurers & Reinsurers. The industry has been quick to adopt remote working protocols and social distancing that support efforts to reduce the spread of the novel coronavirus.