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The IAIS warns against retrospectively covering Covid-19 losses

The IAIS warns against retrospectively covering Covid-19 losses

In a press release, the International Association of Insurance Supervisors (IAIS) warns against retrospectively covering Covid-19 losses (“to cover such claims could create material solvency risks and significantly undermine the ability of insurers to pay other types of claims”).
The IAIS added that “insurance is an essential service at this time of distress, providing protection against the heightened uncertainties created by the pandemic” and “for insurers to play this role, and to contribute to economic recovery, the stability of the sector is vital”.