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
Growth and Industry Leader, Asia
Placement Leader, Asia
Claims Advocacy Leader, Asia
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?