IIF Authors

Status: Will be live at 09/25/2020 12:27

IIF Response to EIOPA Paper - Shared Resilience Solutions for Pandemics

On September 23, 2020, the Insurance Working Group of the IIF filed a response to a consultation on a European Insurance and Occupational Pensions Authority (EIOPA) Staff Paper on Shared Resilience Solutions for Pandemics. The IIF response welcomed this important resource and contribution to the dialogue on non-damage business interruption (NDBI) coverage. The IIF shares the concerns of EIOPA staff regarding the availability of insurance coverage when risks cannot be pooled or diversified geographically or in the presence of significant aggregation or concentration risks. We agree with EIOPA that providing cover for NDBI pandemic risks may require significant public involvement. Further dialogue and input from a broad range of stakeholders that leverages discussions at the local level are needed to identify any workable solution.