The mutual insurance sector is leading the way globally in showing the insurance industry how it should be responding to the Covid-19 pandemic, says Shaun Tarbuck, chief executive of ICMIF, the global federation representing co-operative and mutual insurers.
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The major ratings agencies have been busy revising their outlooks for the major financial sectors and for individual firms in the wake of the Covid-19 pandemic. They have been cautious in their re-assessments but some will make uncomfortable reading for insurers.
No events. No seminars. No roundtables.
In short, there are few if any opportunities to exchange information, ideas and insights on how the Covid-19 pandemic will impact insurers’ balance sheets. But we do have the ability to do that digitally, given the wealth of data out there. The trouble is we are all being overwhelmed by information and are having to make huge adjustments to our lives alongside, making it difficult to distil what we really need.
Financial regulators around the world have recognised that the rapid escalation of the crisis caused by the Covid-19 pandemic will require specific regulatory responses. For insurers, many of these have been quite prescriptive, especially on products and the need to ensure customers are treated fairly.