According to the Chairman of the European Insurance and Occupational Pensions Authority, Mr Gabriel Bernardino, the European Union should play a key role through a possible European pandemic insurance scheme to protect businesses in the event of future outbreaks. In an interview published on EIOPA’s website (see here) in July 2020, Mr Bernardino noted that the EU has an opportunity to avoid fragmentation in terms of approach at national level given that some countries are looking to proceed with their own proposals. It was indicated that EIOPA is collaborating with the insurance industry and business on policy options for pooling public and private money. He expressed hope that clarity may be forthcoming on possible solutions in the coming weeks.

The prospect of a pandemic insurance scheme has also been mooted in the UK with the establishment in April 2020 of a steering committee (known as “Pandemic Re”) by insurance industry participants. The steering committee is tasked with engaging with Pool Re, a UK government-backed mutual provider of terrorism reinsurance, in order to propose an industry response to future pandemics.

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