Case, who hosted the virtual chat, said that although the coronavirus pandemic has dealt a huge blow to the industry, it has also “created a window for change and innovation that the industry has never seen before.” He then asked Burberl what he thought were the biggest lessons the industry could take away from the pandemic.
Buberl said, for one, the lockdown had emphasized the importance of digital interaction with customers.
“We have invested more in technology to meet demand and we want to continue on this journey,” he said. “Also, as with others in the industry, we have all seen a call for greater [insurance] contract clarity. Customers, brokers and insurers see the need for clear contracts.”
Burberl also said that providing adequate coverage for pandemic risk calls for risk sharing between private companies and public entities in a manner that is already in place for terrorism and natural catastrophe risks. He added that cyber risk will likely need the same approach.
Case said that cyber security events could pose as much of a threat as the coronavirus pandemic but warned that the market for cyber risk…
