- Coronavirus (COVID-19)—risks for insurance brokers moving forward
- Operational risks
- Business continuity
- Confidentiality and information exchange
- Advisory risks
- Scope of cover
- Regulatory risks
Insurance & Reinsurance analysis: There has been a lot of commentary in the past eight weeks or so about the risks the coronavirus (COVID-19) pandemic poses to various professions, perhaps none so clearly as the insurance broking industry. Business interruption (BI) insurance policies in particular are being pored over closely, not least in light of the Financial Conduct Authority’s (FCA’s) ongoing action to seek judicial declarations (to resolve contractual uncertainties arising out of select BI policies) and the current Hiscox Action Group (challenging insurers’ pandemic exclusions in its commercial BI policies). Joe Bryant, partner and Fiona Murphy, senior associate, both at Beale & Co consider the operational, advisory and regulatory risks for insurance brokers moving forward.
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