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July 1, 2020

Lloyd’s outlines solutions to assist Covid-19 recovery

By Verdict Staff

Lloyd’s of London has issued a set of solutions to speed up global economic and social recovery from the Covid-19 pandemic, as part of its collaborative efforts with the UK and Global Advisory Groups.

These proposed solutions consist of three open source frameworks, dubbed as ReStart, Recover Re and Black Swan Re, available for free application globally.

ReStart is said to be a non-damage business interruption solution that doesn’t require any government support.

This product is designed to support SMEs reopening and offer a range of limits that guarantee it is affordable for customers.

Lloyd’s Recover Re is an ‘after the event’ insurance product framework. It could offer immediate relief and cover for non-damage business interruption over the long-term, including the current pandemic.

This solution could be implemented in countries where the government has the resources and industry commitment to support it.

Black Swan Re is a reinsurance framework for government and industry partnership.

This solution is designed to protect customers from the impacts of systemic catastrophic events such as pandemic, global supply chain disruption, or the interruption of critical infrastructure.

Llyod’s has also proposed solution for the reopening of businesses against the threat of further waves of Covid-19, preparation and protection for the next systemic catastrophic event, reported Asian Insurance Review.

Llyod’s chairman Bruce Carnegie said: “Covid-19 has demonstrated that there is much more we can do to support our customers by providing protection for the changing risks they face.

“Some of these risks are of a scale that require partnership with governments globally and this report identifies ways in which the insurance industry could work with governments to share risk and create a braver, more resilient world.”

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