• Latest
  • Trending
  • All
Stresses of COVID-19 Hit Businesses, Their Insurers, so Partnership Is Needed: FERMA

Stresses of COVID-19 Hit Businesses, Their Insurers, so Partnership Is Needed: FERMA

April 7, 2020

Global Strategic Sourcing Software Market 2017-2026| SAP Ariba, Coupa, Scout RFP, Zycus, Procurify – Galus Australis

April 16, 2020
Weakest link in supply chain threatens car industry revival

Weakest link in supply chain threatens car industry revival

April 16, 2020
New case reported at Lexington LEX2 warehouse

New case reported at Lexington LEX2 warehouse

April 15, 2020
These inventory trackers will notify you when hard-to-find items are back in stock

These inventory trackers will notify you when hard-to-find items are back in stock

April 15, 2020

Last Mile Delivery Market Analysis, Revenue, Share, Growth Rate & Forecast To 2025

April 15, 2020
Antonov An-225 Mriya: world’s largest cargo plane, history, details

Antonov An-225 Mriya: world’s largest cargo plane, history, details

April 15, 2020
Coronavirus | Punjab all set for wheat procurement within lockdown norms

Coronavirus | Punjab all set for wheat procurement within lockdown norms

April 14, 2020
Copperstate Farms Launches International Cannabis Brand DNA Genetics in Arizona Market

Copperstate Farms Launches International Cannabis Brand DNA Genetics in Arizona Market

April 14, 2020
Mzee Moi’s Ksh10B Gift to Gideon

Mzee Moi’s Ksh10B Gift to Gideon

April 14, 2020
Covid Knights: Corporate social purpose in the time of COVID-19

Covid Knights: Corporate social purpose in the time of COVID-19

April 14, 2020
How Tesla And BMW Are Leading A Supply Chain Renaissance With Blockchain

How Tesla And BMW Are Leading A Supply Chain Renaissance With Blockchain

April 14, 2020
Last Mile Delivery Market Worth Observing Growth | UPS, FedEx, SF Express

Last Mile Delivery Market Worth Observing Growth | UPS, FedEx, SF Express

April 14, 2020
  • Supply Chain
  • Logistics
  • Warehousing
  • Procurement
  • Shipping
  • More
    • Strategic Sourcing
    • Spend Analysis
    • Inventory
    • Contact Us
No Result
View All Result
United States International Supply Chain Commission
United States International Supply Chain Commission
Home Procurement

Stresses of COVID-19 Hit Businesses, Their Insurers, so Partnership Is Needed: FERMA

by usiscc
April 7, 2020
in Procurement
0
Stresses of COVID-19 Hit Businesses, Their Insurers, so Partnership Is Needed: FERMA
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The Federation of European Risk Management Associations (FERMA) has called for enhanced understanding of the insurance needs of European businesses to help them get through the pandemic and recover afterwards.

“Many companies are under great pressure as a result of the pandemic. We need brokers and insurers to work with us as partners at this difficult time. For some businesses, it may be a question of survival,” said FERMA President Dirk Wegener, in a statement.

Wegener said it is essential that businesses have continuing access to insurance and are kept well informed. “We also need insurers to exercise flexibility when reasonable and practical. This applies both to timing and extent of premium payments and claims negotiations. We welcome the support that insurers have put in place so far.”

Insurers Under Stress

Wegener acknowledged that insurers are also under stress. The European regulator, EIOPA, states that “imposing retroactive coverage of claims that was not envisaged within contracts could create material solvency risks for insurers. We agree,” he said.

“Forced retrospective changes would jeopardize contract certainty and not help build a sustainable and trusted relationship. A healthy insurance industry will be, among other things, essential for business in recovering from the pandemic,” Wegener continued.

FERMA also urged the European Union to support the creation of national insurance pools for future pandemic risks. “National pools have been useful in responding to other severe and widespread risks, such as terrorism,” he said. “We believe they can be so now. We encourage the European Union to support such developments and ask EIOPA to make proposals.”

Source: FERMA

Was this article valuable?


Here are more articles you may enjoy.

subscribe

Want to stay up to date?

Get the latest insurance news
sent straight to your inbox.

Share196Tweet123Share49
usiscc

usiscc

  • Trending
  • Comments
  • Latest

Global Strategic Sourcing Software Market 2017-2026| SAP Ariba, Coupa, Scout RFP, Zycus, Procurify – Galus Australis

April 16, 2020
Antonov An-225 Mriya: world’s largest cargo plane, history, details

Antonov An-225 Mriya: world’s largest cargo plane, history, details

April 15, 2020
3 keys to mitigating severe supply shortages from coronavirus disruption

3 keys to mitigating severe supply shortages from coronavirus disruption

March 18, 2020

Global Strategic Sourcing Software Market 2017-2026| SAP Ariba, Coupa, Scout RFP, Zycus, Procurify – Galus Australis

0
Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024 – ZMR News Reports

Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024 – ZMR News Reports

0
PHOTOS: Ottawa firefighters respond to warehouse fire

PHOTOS: Ottawa firefighters respond to warehouse fire

0

Global Strategic Sourcing Software Market 2017-2026| SAP Ariba, Coupa, Scout RFP, Zycus, Procurify – Galus Australis

April 16, 2020
Weakest link in supply chain threatens car industry revival

Weakest link in supply chain threatens car industry revival

April 16, 2020
New case reported at Lexington LEX2 warehouse

New case reported at Lexington LEX2 warehouse

April 15, 2020
  • Privacy Policy
  • Terms of Use
  • Disclaimer
  • DMCA
  • Contact Us

Copyright © 2020 usiscc.org.

No Result
View All Result
  • Supply Chain
  • Logistics
  • Warehousing
  • Procurement
  • Shipping
  • More
    • Strategic Sourcing
    • Spend Analysis
    • Inventory
    • Contact Us

Copyright © 2020 usiscc.org.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.