The following Financial Services practice note provides comprehensive and up to date legal information covering:
The rapid global spread of coronavirus (COVID-19) and the steps taken to limit contagion are having a significant impact on the global economy and, consequently, on the financial system. Insurers are exposed on both sides of their balance sheets; on the liability side because of changes to interest rates as well as the potential increase in claims, and on the asset side due to market volatility. Insurers are generally well-capitalised, with sophisticated risk management capabilities which should help the sector as a whole to withstand the shocks associated with coronavirus. Insurance has an essential role to play during a pandemic event, providing protections to individuals, households and businesses.
Insurance supervisors have pursued a range of regulatory and supervisory measures to provide operational relief to insurers in the wake of the coronavirus outbreak and to provide appropriate flexibility to help insurers maintain their safety and soundness and deliver the essential services they provide to policyholders and the economy. Authorities have also adopted measures to support fair treatment of customers, including clear disclosure and efficient claims processing in light of COVID-19 developments. In order to ensure that customers are adequately supported during the pandemic, EU Member States and insurers have implemented a broad range of relief measures, such as deferrals on the payment of insurance premiums.
In the UK, the Financial Conduct
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