Unprecedented shifts in demand, operational disruption and shocks to financial markets have affected all aspects of the Irish insurance industry, including life, non-life and health insurers and reinsurers. European regulators are engaging with insurers to better understand the potential financial and operational risks associated with the COVID-19 pandemic. They’re providing operational flexibility to insurers and reinsurers on reporting deadlines and data requests. And while the pandemic is testing the industry’s resilience, it could also present opportunities.
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The collateral need from a carrier can represent a large portion of an insured’s cash or revolving debt, so it is important for an insured to understand how that obligation is used by the carrier to securitize liabilities.