Mitigating the impact of COVID-19 on the insurance and occupational pensions sectors in Europe

Recording of the online debate held on 16 September 2020.

Speaker: Gabriel Bernardino, (Chairman of the European Insurance and Occupational Pensions Authority)
Commentators: Roel Beetsma (University of Amsterdam); Giuseppe Corvino (Bocconi University)
Moderator: Elena Carletti (Bocconi University and Florence School of Banking and Finance)

The Coronavirus pandemic has wrought havoc on households, businesses and the economy. Like all organisations, insurance companies and pension fund providers had to rapidly adapt and take steps to maintain business continuity and services to customers, whilst also ensuring the safety of employees. Given the scale of the pandemic, supervisors and regulators reacted swiftly to put in place measures to reduce the burden on insurance companies and pension funds so that they could concentrate on their essential operations. Risk-based capital buffers built-up with Solvency II helped insurers to withstand the initial severe market shocks experienced with the Covid-19 crisis. However, a high level of uncertainty on the magnitude of economic disruption and further dissemination of the virus threatening health of European citizens increases downside risks looking ahead. Some six months in to the crisis, there are already some early lessons to draw. From a supervisory perspective, this means reviewing the measures that were put in place and how the regulatory frameworks to set up to ensure the stability of the sectors fared in withstanding the shock. However there are also broader lessons to consider, for example how to close protection gaps and the case for pandemic insurance; what the accelerated take up of digital technology by consumers means for business models and communication; and, most importantly, the role of the insurance and pensions in underpinning Europe’s recovery. The crisis may be far from over, but it is not too early to starting thinking about the post-pandemic world.

More information: https://fbf.eui.eu/event/mitigating-the-impact-of-covid-19-on-the-insurance-and-occupational-pensions-sectors-in-europe/
* The views and opinions expressed in this video are those of the speakers or authors in their personal capacity and do not necessarily reflect the official position of the Robert Schuman Centre or the European University Institute. *

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