A group of international experts has met to discuss future pandemic risk and public-private initiatives, among them was John Huff, president and chief executive officer of the Association of Bermuda Insurers and Reinsurers.
The event was organised through the International Association of Insurance Supervisor through its implementation partner, Access to Insurance Initiative (A2ii) and its pandemic risk series.
Mr Huff spoke about the Bermuda market perspective of working together in public-private partnerships.
He said: “Representing over 35 per cent of the global property and casualty reinsurance market, the Bermuda market has much to offer in assisting jurisdictions around the world in developing and implementing solutions and responding to challenging risk transfer needs including future pandemic.”
A2ii developed a pandemic risk series focused on public-private initiatives, drawing parallels with work on climate risk. The event was hosted by Hannah Grant, head of secretariat for A2ii, among others taking part was Conor Donaldson, IAIS’s head of implementation, Ekhosuehi Iyahen, secretary-general of the Insurance Development Forum, and Oliver Milosch of Deutsche Gesellschaft for Internationale Zusammenarbeit.
The panel looked at the Covid-19 pandemic and how the limitations of government social protection have been exposed. They discussed how pandemic insurance or coverage is less common and without the direct intervention of stakeholders such as the insurance industry, policymakers and the financial sector supervisors’ alike, consumers remain vulnerable and exposed.
The panel found that Covid-19 demonstrated that neither government nor traditional insurance solutions alone are equipped to fully provide cover and protection from the enormous costs of pandemics, including the resulting longer tail of claims for future events, and it underlined the importance of close co-operation between public and private sectors in developing new insurance solutions and ensuring proper risk preparedness, mitigation and management.
The panel discussion is available at https://tinyurl.com/y2jhk9rz