What are the implications of COVID-19 for the insurance industry? And what longer-term trends might the outbreak serve to usher in for the future.
The COVID-19 outbreak that began towards the end of last year has now become a pandemic. The spread of the disease is accelerating, with the World Health Organization recently describing Europe as its current ‘epicentre’. The impact of COVID-19 on our family, communities and work lives continues to grow.
A crisis such as COVID-19 affects all business sectors – but there are some unique considerations that impact the insurance industry. So, how is the insurance industry likely to shape up to the unfolding crisis? What are the implications across the different segments of general and life insurance? And what longer-term trends might the outbreak serve to usher in for the future?
To help you navigate theses uncertain time, we have created a summary of the impacts of COVID-19 on the insurance industry in the article Do insurers have COVID-19 covered?
The article also contains useful considerations for insurers to think about how to prepare for the future.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
© 2020 KPMG, a Malta civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.