The report brings together the latest views on Covid-19 from members of Global Insurance Law Connect in 18 countries around the world. It examines some of the common themes of coverage, legal and regulatory issues observed by the specialist insurance lawyers at Global Insurance Law Connect, as well as the potential claims emerging and the impact on the local insurance industry.
Approaches to coronavirus is the first in a sequence of coronavirus updates and further detailed reviews on business lines that will be published over coming months, together with a series of webinars focusing on views and updates from Global Insurance Law Connect’s regional teams.
Jim Sherwood, Chairman of Global Insurance Law Connect, commented: “Even as 2020 began, few of us imagined that the world was about to face one of the largest pandemics in history, changing the way we live and the economies our businesses operate in. While countries around the globe endure different stages of handling the pandemic, it is undeniable that the impact will be felt long term.
“As events unfold, Covid-19 has also changed the priorities for insurers in the short term. We are seeing similar issues raised around the globe, but always reﬂecting differing local cultural, political and geographical challenges.
“There are common issues with lines of business – travel, life and event cancellation are all seeing the limits of coverage being pushed in respect of losses associated with Covid-19. Disputes involving business interruption policies have triggered coverage challenges in numerous jurisdictions. While the conduct of governments falls under scrutiny, we are also seeing the conduct of company leadership coming under the microscope as businesses try to navigate their way back to financial strength.”