How Simply ‘Covering’ Risk Is No Longer Enough


Leading insurtech, Concirrus has today launched its new Beyond Covid: The Marine Insurance Resilience Blueprint, which shares unique insights from leading experts at IUMI, Swiss Re, AEGIS London, Whitespace and others into the consequences of COVID-19 and key considerations for 2021.

Richard Turner, President of the International Union of Marine Insurance says: “The marine insurance industry has an extremely rich heritage and although many would argue that it’s been somewhat traditional in its approach, everyone working within this market has demonstrated significant resilience over the past nine months, which should be applauded. There are certainly some challenges that are here to stay but I would argue that COVID-19 hasn’t necessarily been the reason for these challenges. Rather, it has forced us to move quicker and be bolder in our decision making.”

The blueprint takes a closer look into how businesses have responded to COVID-19 with a laser focus on how digital transformation has turned challenges into a driving force for positive change. The report also highlights many of the cost and risk related complications that have come to the fore as a result of the global pandemic – complications that have impacted every corner of the industry.

Andrew Yeoman, CEO of Concirrus comments: “The sheer volume of customers that we now have has fundamentally changed over the past several months and so, this blueprint provided us with a fantastic opportunity to reach out to the marine insurance industry and better understand how COVID-19 has impacted individual organisations and the industry more widely.”

With a firm belief that the best is yet to come, Andrew Yeoman continues: “We, as an industry now have a fantastic opportunity to shape a new digital insurance trading marketplace that is effective, efficient, innovative, responsive and client-focused. We should now be looking to move away from simply covering risk to preventing risk – only then will we help to reduce marine catastrophes and save lives.”
Source: Concirrus



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