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Insurance firms to face post Covid-19 risks, report warns
Aug 12, 2020
Insurance firms to face post Covid-19 risks, report warns
In summary It is also feared that this could attract sector fraud in situations like double insurance, fake certificates or stolen insurance certificates among other vices. Because of the uncertainties brought by the pandemic, a good number of firms are likely to be hit directly, with insurance firms expected to pay the heavy price. Kenya Reinsurance Corporation Managing Director Jadiah Mwarania says how long the pandemic will last and the full range of its impact is difficult to predict.
Steve Umidha @UmidhaSteve
A looming uncertainty in the magnitude of economic disruption brought by the coronavirus (Covid-19) pandemic will increase downside risks for many insurers in the months ahead, a new report by Lloyd’s and KPMG has warned.
Titled, Protecting Intangible Assets: Preparing for a New Reality, 2020, the report paints a worrying picture on how Covid-19 has increased companies’ exposure to new risks, many of which implicate the intangible assets held by businesses currently going through re-set modes.
The report released this week says insurance companies across the globe will struggle to offer indemnity covers to companies whose reputation and brand have suffered as a result of drastic measures they took such as unprecedented layoffs and salary cuts among others in order to remain afloat in the face of the pandemic.
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