Insurance Developments in the Light of the Occurrence of the COVID-19 Pandemic

Abstract

The COVID-19 pandemic has accelerated the pace of evolution of insurance in many aspects and in relation to many sectors and insurance lines (e.g., health insurance, or cargo marine insurance, life insurance, business interruption insurance, travel insurance, etc.). Moreover, the occurrence of COVID-19 underlined the importance in the managing of pandemic risk. This chapter discusses the insurance developments in relation to the transformation of the insurance industry, not only, but mainly, due to the occurrence of the COVID-19 pandemic. There is also a discussion about the impact of the pandemic risk in the governance of insurance companies under Solvency II. Conclusions and forecasts on the way forward, as well as recommendations for the future of insurance in the light of the COVID-19 pandemic but also post-pandemically, are attempted.