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.
We have produced a special report which brings together the latest views on COVID-19 from the members of Global Insurance Law Connect, including BLM. Our network of like-minded insurance specialists provides guidance grounded in well-recognised expertise in the markets where we operate.
Of course, the lives that are being lost to COVID-19 put into perspective the economic challenges wherever they may arise. Health services everywhere have seen unique demands being made. We have decided to focus on some of the common themes of coverage, legal and regulatory issues our members have seen, as well as looking at the potential claims emerging and the impact on the local insurance industry.
GILC is uniquely well placed to advise in these unprecedented times. Further detailed reviews on business lines will be published over coming months, together with a series of webinars focussing on views and updates from our regional teams.
We hope you find this report useful.
Chairman, Global Insurance Law Connect