Catastrophe Risks

For all the challenges the COVID-19 pandemic is presenting to businesses, the insurance industry, and society, like other crises before it the pandemic might ultimately create opportunities for captive insurance. A recent Strategic Risk Solutions webinar titled "Captive Insurance Response to a Pandemic" explored this topic. Read More

Potential business interruption (BI) loss estimates from the COVID-19 pandemic dwarf previous insurance industry "black swan" scenarios such as two Hurricane Katrinas in a single month. BI losses from the current pandemic would be nearer to five Katrinas in a month, according to an insurance industry economist. Read More

International Risk Management Institute, Inc. (IRMI), has created a COVID-19 Resource Center to help insurance and risk management professionals navigate the novel coronavirus pandemic. IRMI research analysts are examining policy provisions, monitoring state regulatory responses, and curating applicable content from IRMI's extensive library. Read More

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. Read More

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. Read More