GVNW urges action on pandemic risk solution

GVNW has expressed its frustration over a lack of concrete action on finding a public private insurance risk solution for future pandemics. 

It has shared its position paper in response to the European insurance authority’s (EIOPA) working paper on the insurability of pandemics. But says actions, not just words, are needed.

“We expressly welcome EIOPA’s request to establish the necessary risk management activities in companies to protect against pandemics. However, such measures can neither prevent future pandemics nor rule out government decisions such as plant closures,” said a GVNW spokesperson.

“We therefore consider it to be urgently advisable that possible risk management measures be discussed in a results-oriented manner at EU and national level together with representatives from business and industry.”

“At the moment, however, we cannot see that the discussions about pandemic preparedness are being held or that appropriate measures are being taken at the state level.”

The risk association, together with the Federal Association of German Insurance Brokers (BDVM), acknowledged that while very few had come to terms with the ongoing COVID-crisis, “the discussion about preventing future pandemics must be started now”.