EIOPA calls for business continuity in insurance amidst Covid-19

Business continuity

The European Insurance and Occupational Pensions Authority (EIOPA) warned insurers in Europe that they are likely to face difficult conditions navigating the Covid-19 crisis

EIOPA said it was ‘particularly important’ for insurers to maintain services to their clients at this time and called for insurers to implement measures to ensure business continuity.

In a statement released by EIOPA, it said: “It is particularly important that insurers are able to maintain the services to their clients. In this sense, insurance companies should be ready to implement the necessary measures to ensure business continuity. Furthermore, in the short term, EIOPA will limit its requests of information and the consultations to the industry to essential elements needed to assess and monitor the impact of the current situation in the market.”

EIOPA is in close cooperation with other European Supervisory Authorities, who are closely monitoring the Covid-19 outbreak. It said it was becoming ’increasingly clear’ that the outbreak is having ’significant consequences for the global economy’.

The authority warned: “Insurers are likely to face progressively difficult conditions in the immediate future, both in terms of navigating challenging market conditions and in maintaining operations, while taking steps to protect employees and customers.”