Statement From Guy Carpenter Chairman on EIOPA’s Issues Paper on Resilience Solutions for Pandemics
Jul 28, 2020
NEW YORK, July 28, 2020 — THE FOLOWING IS STATEMENT FROM DAVID PRIEBE, CHAIRMAN, GUY CARPENTER:
Marsh & McLennan commends EIOPA for initiating discussions at EU-level on public-private partnerships to address pandemic risks. As a member of EIOPA’s Shared Resilience Solutions Exploratory Group, we have heavily contributed to and are fully supportive of the Issues Paper. This paper is a step in the right direction to ensure conversations across the EU are coordinated and bring together all stakeholders.
Moreover, discussions around public-private solutions to cover pandemic risk are taking place around the world, including in a number of member states and the Issues Paper is a useful roadmap for policymakers navigating the complexities of setting up these types of solutions.
From EIOPA: The paper recognizes that private insurance solutions alone will not be sufficient to protect society against the financial consequences of future pandemics. Solutions will require both public and private sector involvement and build on the following four key elements:
- Proper risk assessment
- Risk prevention and adaptation measures
- Appropriate product design
- Risk transfer
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