The group will work with Pool Re to formulate the industry’s response to the covid-19 pandemic
Leaders from across UK general insurance have come together to form a steering group to help the industry to improve its response to future pandemics.
The new group 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 on Friday 17 April 2020 to agree its objectives.
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, and can also provide expertise on how to best mitigate risk.
The new group will be chaired by Convex chairman and chief executive Stephen Catlin, who said the insurance industry needed to be at the fore of the country’s response to the coronavirus pandemic.
“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,” he said. “Most importantly we need to find an industry solution for future pandemics and this group has many years of combined industry experience.”
Other members of the group include Aviva chief executive Maurice Tulloch, RSA chief executive Stephen Hester, Pool Re chief executive Julian Enoizi, Aon UK chief executive of reinsurance solutions Nick Frankland, Guy Carpenter chief executive, international James Nash and Willis Re chief executive James Kent. Other participants will be invited to join in due course.