The International Underwriting Association (IUA) said it is committed to help mitigate the risk of – and find more effective recovery solutions for – future pandemics.
IUA chief executive Dave Matcham has said, “We have been following closely the discussions on a number of different possible approaches to provide cover for future losses from pandemic risks.
He said, “I am pleased that Pandemic Re has been able to gain support for its work from many volunteers across our industry. Many IUA members are represented in the working groups that are being formed to examine different aspects of the issue and the association looks forward to providing additional support.”
“This backing clearly demonstrates our sector’s commitment to helping mitigate risk and finding more effective recovery solutions.”
Pandemic Re was first launched in April as a steering group under the chairmanship of Convex chairman and CEO Stephen Catlin. It has now formed a project committee with six working groups, supported by more than 50 volunteers from leading insurance brokers, insurers and reinsurers, management consultants, data modelers, the medical profession and academia. A further 65 have volunteered their or their organisation’s help.
The Pandemic Re group is working with UK state-backed terrorism mutual Pool Re in the wake of the COVID-19 crisis.