An integrated risk management plan for catastrophe risks in the EU, consisting of three layers is the proposition launched by Milton NEKTARIOS, Associate Professor of Insurance, Department of Statistics and Insurance, University of Piraeus, Greece in his paper titled A Catastrophe Insurance System for the European Union
Author: Urs Baertschi, Chief Executive Officer Reinsurance EMEA / Regional President EMEA, Swiss Re
Author: Klime Poposki, University St. Kliment Ohridski, Insurance department, Ohrid, Macedonia
With hundreds of thousands of small and middle-sized businesses closed because of the anti-pandemic measures imposed by governments all over the world, business losses are spiraling, threatening to kneel a huge number of entrepreneurs. In search of survival solutions, many of these SMEs have turned to their business interruption insurance for relief. Yet, the typical policy excludes losses stemming from pandemics.
Under the extraordinary effects of COVID - 19, all players in the economic structure are preparing for their most efficient detective actions. As an initial reaction from the banking sector, ECB asked from the European banks about checking their business continuity plans and making quick amendments according to their gaps. A similar reaction to the insurance sector could be performed soon by EIOPA as well.