Black swan events are not unknown to the insurance industry. Whether it’s natural disasters such as the Japanese earthquake in 2011, the Chernobyl disaster in 1986 or pandemics such as the SARS virus in 2002. By their nature, these kinds of events can happen at any given moment and without warning or historical precedent.
However, for the insurance industry, and for all of us, Covid-19 has proven that new risks are emerging. And we need insurers to demonstrate now, more than ever, that they are here to protect us. Recent months have unearthed a series of weak points that we desperately need to address.
This blog highlights how Covid-19 may have changed insurance forever.
• An opportunity to improve.
• Understanding the customer.
• The impact of climate change.
• Walk the walk.