Risks managers have helped organisations stay afloat during the COVID-19 crisis by participating in task forces and crisis units, promoting communication, supporting new working practices, pursuing insurance recoveries where possible, and working on recovery, according to the Federation of European Risk Management Associations (FERMA).
FERMA’s COVID-19 survey is the first Europe-wide look at risk and insurance management during the COVID-19 pandemic. It was carried out among the organisation’s 22 member associations from September 29 to October 21, with replies from 314 risk managers in 21 countries.
The survey found that 30% of respondents were involved in creating and implementing their organisation’s COVID-19 crisis management, with 17% leading the process. Over 20% were involved in their organisation’s pandemic communications response, while 23% played a significant role in setting up or launching the recovery plan.
Most of the respondents (90%) felt their organisations were either well or somewhat prepared to deal with the pandemic, with 31% claiming that a pandemic was part of their organisation’s risk register in September 2019.
However, 67% said insurance, especially for non-damage business interruption (NDBI), had not fulfilled corporate needs. Meanwhile, around 60% said they were interested in an NDBI insurance product for a pandemic or other catastrophic events.
“There is a strong appetite for a future financial solution. We have a long relationship with the insurance industry. We want it to be part of a solution by contributing not just risk transfer but also risk expertise to a combined public-private initiative,” said FERMA president Dirk Wegener.