SCOR urges insurance industry to take immediate action to tackle coronavirus

French reinsurer SCOR has called for the insurance industry to take immediate action to fight the coronavirus (COVID-19), a “global pandemic” which is spreading exponentially risking thousands of lives around the world.

The reinsurer underlined that the insurance industry has an important role to play in helping people understand about the spread of the virus and what actions they can take to slow down its speed.

"We all need to take action today. Serious action," SCOR said in a statement. "The measures we take today won’t stop the virus spreading – it is too late for that. But they will determine whether we can slow it down so that our healthcare systems can cope."

SCOR described the re/insurance industry as having the mathematical expertise to understand the potential impact of COVID-19, particularly the life re/insurance sector.

The reinsurer noted that many people still do not appreciate the seriousness of this situation and continue to live their lives with little or only moderate adjustment to their daily routines.

"There is more to be done and we are fortunate to be in a position of influence. We have seen action from governments and business leaders to various extents across countries. We are calling on everyone in this industry to spread information on the seriousness of this situation and maximise the actions they are taking, for the good of our entire society."

SCOR said that it has taken a "series of strong measures to fight the virus" and will continue to regularly assess the COVID-19 impact on its business. The company has also changed its global working arrangements and asked its staff to work from home.

The reinsurer has also set up an insurance information platform in China, where the coronavirus (COVID-19) first broke out in late 2019, to help frontline workers stay informed of their rights and access cover.

"Things have changed: we will not return to the life we knew. We need to acknowledge that what looks like a disruption today, might actually become the new normal. There might well be a shift of paradigm, questioning the relevance of insurance, and reinsurance, to best address society’s needs," it noted.