Insurers issue warning relating to forced coronavirus payouts

Insurance Business America | April 06, 2020

Insurers issue warning relating to forced coronavirus payouts
The Global Federation of Insurance Associations (GFIA) has issued a statement warning of the need for the continued financial stability of the insurance industry and the danger posed by forced coronavirus payouts. The statement detailed the work being done by the global insurance industry to help develop solutions to the greatest challenges facing individuals, businesses and governments, and its role as an essential stabilising force throughout the world. The statement highlighted that: “GFIA understands that governments around the world and international organizations 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 organizations have put forward proposals targeting flexibility in respect to some regulatory and data collection requirements.”

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The paper predicted a rapid growth in cyber insurance across multiple segments. In 2015, there was a major increase in insurance offerings and market expansion. Advisen’s Cyber Liability Insurance Market Trends: Survey of October 2015 indicates that the “cyber insurance market has grown to over $2B in gross written premiums with industry prognosticators forecasting it to double by 2020”.

Spotlight

The paper predicted a rapid growth in cyber insurance across multiple segments. In 2015, there was a major increase in insurance offerings and market expansion. Advisen’s Cyber Liability Insurance Market Trends: Survey of October 2015 indicates that the “cyber insurance market has grown to over $2B in gross written premiums with industry prognosticators forecasting it to double by 2020”.

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