The Federation of European Risk Management Associations (FERMA) has written to the European Commission to urge it to use lessons from the current Covid-19 pandemic to apply good risk management practices to mitigate future pandemic events. FERMA plans to collect feedback and experience from its member associations to share with the Commission.
FERMA also notes that as pandemic is a systemic risk, the (re)insurance industry cannot by itself provide material amounts of risk transfer. It encourages the Commission to support the development of public-private partnerships, probably at national level, that will be able to provide funding for those affected in future pandemics.
Click here to read FERMA’s letter: FERMA letter to European Commission on future pandemics