COVID-19: Prepare for your underwriter meetings
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We think it is important to caution that it is still too early to judge the impact on the insurance community from the Coronavirus pandemic. Rating agencies have started making pronouncements about balance sheet strength and capitalization, but these are preliminary at best.
We have seen in prior times of economic stress that there is a correlation between an economic downturn and claims against Professional Services Firms and there is also the concern that the challenges of remote working, particularly around supervision and cyber security, could also result in an increase in claims against professionals.
While markets have reacted quickly to restrict cover and increase prices in certain classes of insurance, Directors & Officers Liability Insurance being a prime example, we have not yet seen any change in approach from Professional Indemnity Insurers as a result of the pandemic. This could well change as the impact of the pandemic on an Insurers’ balance sheet and the global economy becomes clearer.
With this in mind, it pays to be prepared for your renewals; with better planning there are fewer nasty surprises and the process will hopefully be a great deal more transparent and straightforward. To help this thought process, we have put together a brief list of the type of COVID-19 related questions underwriters are now asking, to give an indication of what their concerns are and key drivers going forward in the assessment of risk – View questions here.
If you have any questions, please get in touch with your usual Aon contact or email us here.
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