The plan includes three open source frameworks to build future resilience through partnerships and products together with the Centre of Excellence. If implemented, these three frameworks (Recover Re, Black Swan Re and ReStart) could provide customer protection for further waves of Covid-19 and other future pandemics. These solutions are compiled in Lloyd’s Supporting global recovery and resilience for customers and economies: the insurance response to Covid-19 report.
The report addresses short-, medium- and long-term challenges that customers might face as they begin to recover and reopen businesses against the threat of further waves of the virus. This is to better understand, model and provide insurance during systemic catastrophic events.
Bruce Carnegie-Brown, Lloyd’s Chairman, said: “The purpose of insurance is to help businesses and communities manage the risks they face, enable them to recover quickly from disasters by paying claims, and provide the security that allows them to innovate, develop and drive economic growth.
“Covid-19 has demonstrated that there is much more we can do to support our customers by providing protection for the changing risks they face. Some of these risks are of a scale that require partnership with governments globally and this report identifies ways in which the insurance industry could work with governments to share risk and create a braver, more resilient world.”