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COVID-19: Navigating Market, Coverage and Claims

4 MAY

APAC

Synopsis

With the confluence of a hardening market and COVID-19 impacts, the insurance market is shifting sharply and with pace. At the same time, the risk profiles of many insureds are shifting due to a whole new set of risks brought about by COVID-19. Many insureds are left wondering about a number of things, including:

  • What their policies will and won’t cover based on the existing policy language
  • How exclusions may be applied to standard policies going forward
  • How insurers are responding to claims related to COVID-19 and; What is all of this market change likely to mean for insured at their renewals

Our panel of industry, placement and claims experts from Marsh will explore all of this and more importantly answer your most pressing questions on market trends, coverage and claims. Please join us for this brief, high-impact session.

Speakers / Moderators

Cristina Vigilante

Growth and Industry Leader, Asia
Marsh

Adam Russell

Placement Leader, Asia
Marsh

Dennis Dalati

Claims Advocacy Leader, Asia
Marsh

Event Summary

Looking at the finance and legal side of risk, we heard from the panel how their organisations are keeping up with regulatory changes and their priorities when it comes to decision-making. Here are some key takeaways from the discussion:

  • The panel agreed that being in risk management changed their perspectives towards their finance and legal roles, giving them a broader view of the effects of their decisions to the business.
  • As for the current situation brought about by COVID-19, some of the participants already find themselves at the recovery phase, although many uncertainties still lay ahead.
  • For some risk managers, it has been a challenge to keep up with unpredictable regulatory changes which could vary from state to state.
  • The panel broke down their priorities into two: keeping people safe and keeping people moving
  • It has been a good reminder for us risk managers to not leave a good crisis to waste and to even leverage on it to further demonstrate the value of risk management to the business.

Some questions asked by the audience:

  • In this period of COVID-19, how can risk managers ensure hiring and building talent?
  • Do your organisation’s BCPs go both deep and long?
  • For those in the manufacturing industries, how are you addressing your supply chain risks?

More About This Event​​

Presentation Deck

Cyber INCIDENT Simulation FORUm

Jeffrey Toh
Jeffrey Toh

Business Risk Consultant, Asia Pacific

FM Global

Jeffrey is a member of FM Global’s Business Risk Consulting (BRC) team in the Asia Pacific region. BRC services take a strategic approach towards helping clients identify the critical processes that drive their businesses and quantify dependencies on those processes. Through Business Impact Analysis (BIA), BRC helps clients to better understand the financial exposures to their businesses, to strengthen business resilience and develop effective risk management strategies.

Jeffrey joined FM Global in September of 2018. Prior to joining FM Global, Jeffrey was a Risk & Compliance Manager in the Group Finance department of The Great Eastern Life Assurance Company Limited, where he specialised in business process improvements and developing risk strategies. Prior to Great Eastern, Jeffrey served as a Corporate Improvement Manager in a publicly listed supply chain management company. He also had experience in performing financial statement audits in a range of industries, during his stint as a Senior Assurance Associate in Deloitte.

As a member of the Business Risk Consulting Group, Jeffrey is primarily responsible for conducting Business Impact Analysis, working in partnership with FM Global clients, to fully identify and quantify the client’s financial exposures as they relate to property and business interruption loss potential. The analysis Jeffrey performs often result in the identification of significant exposures that were previously unknown or not fully understood by the client, which potentially has a material impact to risk management decisions.

Jeffrey holds a Bachelor of Accountancy degree from Nanyang Business School, Nanyang Technological University of Singapore. He is also a certified Chartered Accountant.

Guido Gavio
Guido Gavio

Asia Complex Loss Director

BELFOR Asia

Guido Gavio is the Asia Complex Loss Director for BELFOR Asia. He has more than 22 years of experience in handling restoration projects for companies suffering from losses after a disaster. He joined BELFOR Asia, then known as Relectronic – Remech as a Restoration Engineer in Australia in 1996. He rose through the ranks and was seconded to Thailand for 3 years from 1998 to 2001 before being posted to the regional Headquarters in Asia in 200

Guido studied electrical engineering at the Universidad Technologica de Buenos Aires in Argentina. Upon graduation, Guido worked at the National Institute of Industrial Technology assisting with research programs in the area of superconductors where he gained considerable hands – on experience in developing and building prototypes. Guido then migrated to Australia where he worked for Telstra in the design and construction of the cable and internet network.

Upon completion of the Telstra project, Guido joined Relectronic – Remech. BELFOR Asia has the capability to recover buildings, production lines and other property, following disaster incidents such as fire, explosion, earthquake, typhoon, wind, flooding, rain, water ingress, chemical spills etc.

The company has maintained the market leader position for disaster recovery in Asia for the past 25 years, and is now handling more than 1,600 industrial disaster incidents per year.