UK Insurance industry leaders held a meeting on Friday [April 17] to form a steering group to ensure that the industry can strengthen its response to future pandemics.
A spokesperson said, “UK Insurance industry leaders have combined to form a steering group, which will work with Pool Re, with the primary objective to ensure that, working alongside the industry to support customers and communities in the current crisis, the industry can strengthen its response to future pandemics. The first group meeting was held last Friday, 17 April 2020, to agree its objectives.
“Chaired by Stephen Catlin [Chairman and CEO, Convex] other members of the group include : Maurice Tulloch [CEO, Aviva], Stephen Hester [CEO, RSA], Julian Enoizi [CEO, Pool Re], Nick Frankland [UK CEO Reinsurance Solutions, Aon], James Nash [CEO, International, Guy Carpenter] and James Kent [CEO, Willis Re]. Other participants will be invited to join in due course.
“The steering group’s main objective is to propose an industry response to both the government and the country. Pool Re, a world class example of a disaster risk-financing mechanism, will work closely with the steering group to provide structural recommendations. The insurance industry is well placed to support the government, individuals and businesses through its sophisticated claims paying ability and distribution channels. Moreover, the industry can, through its links with academia, provide expertise on how to mitigate risk.
Stephen Catlin said: “The insurance industry needs to be on the front foot in the current situation, paying claims quickly and continuing to provide people and businesses with the protection they require. Most importantly we need to find an industry solution for future pandemics and this group has many years of combined industry experience.”
