COVID-19 Life Insurance Industry Mood Snapshot
The Irish life insurance industry has not been spared from the health and financial wrath caused by the spread of
COVID-19. As an industry that has a strong presence in both the domestic market and into Europe on a
cross-border basis, the challenges are varied.
We interviewed senior management from 10 Irish life insurance companies in order to capture
the industry mood at this time; to understand the initial and ongoing challenges they face and the changes
that the crisis may lead to in the longer term. This report provides a qualitative picture of their concerns and expectations for the future.
COVID-19: Insurance -Treating Customers Fairly
COVID 19 has impacted all aspects of daily life, including the relationships between the insurance industry and its customer base. Regulators of the insurance industry tend to have a dual role that encompasses “prudential regulation”, which focuses on the solvency and resilience of the sector, and “conduct of business” which focuses on how customers are treated. Set out below is a round-up of the key industry developments in conduct of business during the crisis and some general and sector-specific recommendations made by regulators in Ireland, the UK and Europe.
COVID-19 A Life Insurance Perspective
Though Covid 19 is, first and foremost, a health crisis, it has not just impacted human lives but has also taken a toll on the financial markets and is having significant economic impacts reaching deep into many industries, not least the Insurance Sector.