FERMA published a COVID-19 survey, Risk management, recovery and resilience. It takes a Europe-wide look at risk and insurance management during COVID-19. The survey was carried out among FERMA’s 22 member associations between 28 September and 21 October 2020. Replies were received from 314 respondents in 21 countries.
The responses are a snapshot of risks managers’ perspectives in the middle of the pandemic crisis. They also provide a quantitative contribution to the policy discussion taking place at EU and national levels on resilience to pandemic and other large catastrophe events.
Key Findings
- More than 30% of respondents were involved in creating and implementing their organisation’s COVID-19 crisis management; 17% led the process. More than 20% have been involved in their organisation’s pandemic communications response. 23% are playing a significant role in setting up and/or rolling out the recovery plan.
- The vast majority of respondents (90%) felt their organisations were either well or somewhat prepared to deal with the pandemic. Principle risk management tools were business continuity plans (74%) and unspecified preventive measures (59%).
- For 31% of respondents, a pandemic was part of their organisation’s risk register in September of 2019.
- 67% said insurance, especially for non-damage business interruption (NDBI), had not fulfilled corporate needs. Approximately 60% would be interested in an NDBI insurance product for pandemic or other catastrophic events.
- The demand for risk management will grow as a result of the pandemic (75%).
Read more at FERMA’s website.