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Coronavirus is demonstrating the vital role of insurance - whilst accelerating its disruption

Posted On: 16 Jun 2020   |   Posted By: Tech City UK

For centuries, major crises have reshaped societies, driving improvements and innovations that help them to better prepare going forwards. The insurance industry is no different. In 1666, the Great Fire of London led to the destruction of over 13,000 homes - but from those ashes arose the foundations of modern property insurance. Following the catastrophic 1906 San Francisco earthquakes, radical changes in assessing risk were made to create a more sustainable and resilient insurance sector that better-protected economies.
The Covid-19 pandemic is a cataclysmic event of even greater proportions, with devastating health impacts and, according to Bank of England predictions, the most profound economic shock for 300 years. Major businesses on the brink of collapse pre-Covid are now calling in the administrators; more robust companies are facing insolvency. The insurance industry is at the forefront of the crisis, and it needs to adapt to tackle the structural challenges that Covid-19 has presented; it can do so...

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