6 April 2020
The global insurance industry is an essential stabilising force throughout the world. Insurers have and always will contribute towards developing solutions to the greatest challenges facing individuals, businesses and governments, especially during major catastrophes and societal upheavals.
As the world grapples with the COVID-19 pandemic, insurers remain focused on honouring their promises to customers. Insurers have implemented contingency plans for pandemics to protect their employees and to reduce service interruptions. Some insurers are also implementing new flexible payment solutions and taking other measures to adapt to the changing needs of policyholders and the broader societies in which they operate. Many companies, either individually or collectively through their industry associations, are also taking voluntary steps to contribute in other ways to help stem this health crisis and in preparing for the ultimate recovery that will follow. These steps will also include active engagement regarding the development of both short- and long-term legislative solutions to address pandemic risks.
GFIA understands that governments around the world and international organisations are also fulfilling their necessary duties to respond to the crisis: both in protecting the health of their citizens and in supporting the businesses that drive their economies. GFIA appreciates that central banks, governments and international organisations have put forward proposals targeting flexibility in respect to some regulatory and data collection requirements.
As governments around the world implement emergency response measures, GFIA asks that they consider the following points: