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How to Successfully Navigate the Implications of the Evolving Insurance and Risk Management Covid-19 Environment
 
Dubai, United Arab Emirates, May 17, 2020:    Marsh, the world’s leading insurance broker and risk adviser, has published a report on how to successfully manage and navigate insurance and risk management during these challenging times. The report reinforces Marsh’s commitment to guiding and supporting the region’s businesses through the adverse effects of the COVID-19 outbreak.
 
As uncertainty continues, businesses and economies worldwide are seeking ways to maintain  business growth and continuity to protect their employees and mitigate their financial losses. From an insurance perspective, the pandemic has impacted property, casualty, event cancellation, management liability, cyber and credit risk and in this report, Marsh highlights the ways in which businesses can proactively respond to the pandemic while continuing to prepare for future. 
Christos Adamantiadis, Marsh Middle East & Africa CEO, says: “In times of crisis we must support one another and ensure we work together to emerge stronger. Globally, all sectors are affected, which has led to many businesses facing interruptions and loss or damage, and in severe cases closure. It is essential to identify the worst-case disruption scenarios and implement effective business continuity plans. By communicating transparently with stakeholders on business priorities, resilience plans and work expectations, risks are reduced and mitigated more effectively.’’
 
According to the report, the top 5 scenarios, issues insurance coverage may face as well as advice and solutions include:
• Property and Business Interruption: Businesses are experiencing shut downs, restrictions or a loss of total economic activity and insurers or policy makers may argue physical loss or damage must have occurred to be insured. Marsh recommends businesses review and revisit all policies and insurance that may impact business changes. 
 
• Workers Compensation and Employers Liability: If an employee claims to have been exposed to COVID-19 through work, Marsh encourages businesses to report the claim to third-party insurers, carry out a legal and timely investigation, and determine if the employee has been tested. 
• General Liability: Marsh recommends to businesses claiming damages of the virus to ensure it is classified as basic coverage as insurers may seek to argue claims of COVID-19 through defenses such as pollution exclusions, fungi/bacteria exclusions, intentional act exclusion and communicable disease inclusion. 
• Event Cancellation: Numerous events have been cancelled in an effort to flatten the curve and the spreading of the virus. The Marsh report strongly urges all businesses to consider support from event insurance claim specialists as well assess all potential factors such as financial, operational, and reputational consequences that may result of cancelling events.
• Directors and Officers Liability: Allegations of mistreatment related to the pandemic and its effect on the business may arise and could lead to exposure, bankruptcy or more. Marsh encourages businesses to be cautious and take what they perceive as necessary steps to uphold their safety, health and business continuity by potentially renewing their crisis policies. 
 
“Through this report we have addressed many insurance coverage and claim considerations for businesses facing the effects of COVID-19. We have also suggested ways in which organisations can evaluate their current risk status to ensure business resilience and success in times of uncertainty.  As a leading risk advisors, we are committed to helping other businesses overcome and manage the negative effects of the crisis and to mitigate risks by planning for future ones” added Adamantiadis.


Posted by : Dubai PR Network Editorial Team
Viewed 4307 times
PR Category : Healthcare & Medicine
Posted on : Sunday, May 17, 2020  2:17:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
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