Covid-19: Three Years On

The Covid-19 pandemic was a systemic shock with long-lasting consequences, including, the worst global recession in 90 years, an estimated 114 million jobs lost and a reminder of the vulnerability of our interconnected world. In the field of property insurance, the abundance of pandemic-related business interruption claims created challenges for insurance regulators, made new law and encouraged insurers to revise their ‘market standard’ wordings. Some of the most fundamental issues, are yet to be conclusively resolved.

We provide an update on the current state of insured losses and liabilities arising from the pandemic, and its likely long-term impact on insurers.