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Lessons learned: what COVID-19 has taught the re/insurance industry
13-10-2020
Carlos Wong-Fupuy, senior director, AM Best
The issue of who pays for COVID-related claims will come down to a negotiation as opposed to a legal battle—but the outcome will still be important for reinsurers, according to Carlos Wong-Fupuy, senior director, AM Best.
Striking the balance between becoming more disciplined on pricing while looking to maintain and even grow market share—that is the challenge facing the reinsurance market now as organisations strive to remain profitable in a tumultuous economy and as they still grapple with the fallout from COVID-19.
That is according to Carlos Wong-Fupuy, senior director, AM Best, who was speaking in an interview on Intelligent Insurer’s Re/insurance Lounge, an online platform where interviews and panel discussions are available on demand.
While reinsurers have managed to shoulder the effects of losses and investment volatility, stemming from the pandemic, uncertainty remains around the extent to which they will be liable for claims triggered by the pandemic, Wong-Fupuy said.
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AM Best, COVID-19, UK Supreme Court, Insurance, Reinsurance, Policyholders, Carlos Wong-Fupuy, UK
