BIPAR and COVID-19
Since the start of the Covid-19 crisis, BIPAR has communicated, participated and reacted to various Covid-related European initiatives. BIPAR also closely followed experiences and developments at national level, through its member associations and the intermediaries they represent.
BIPAR has been invited to participate in various European discussions (at European Commission and EIOPA level) with regard to relief measures offered to consumers and businesses and mechanisms under which economic consequences of future pandemics could be better absorbed (such as possible public-private partnerships (PPP). BIPAR has set up a dedicated Pandemics working party in this respect.
In particular BIPAR:
- provided input in EIOPA’s 2020 Consumer Trends Report which focused on Covid-19 and which provides an initial and preliminary overview on its impact on the insurance sector, and the responses and challenges which emerged. This includes taking stock as to how EIOPA’s Covid-related measures have been implemented and their impact. The Report also contains an interview with BIPAR Chairman Juan Ramón Plá. BIPAR was in regular contact with EIOPA throughout the development of the Consumer Trends Report.
- contributed to EIOPA’s exploratory group on shared resilience solutions and provided input for EIOPA’s Issues Paper on shared resilience solutions for pandemics (July 2020) and EIOPA’s Staff Paper on measures to improve insurability of pandemics (2021)
- participated in several Commission roundtables with financial sector representatives, consumer and business representatives. At the July 2020 roundtable, best practices were agreed upon by industry. In particular a best practice calling on insurers and intermediaries to avoid any hasty redemptions or reallocations of funds due to falls in asset values caused by the pandemic and another general best practice, calling upon industry to continue to act in the best interests of consumers. At the February 2021 roundtable, participants and the Commission took stock of relief measures, of the success of the best practices and discussed extensions of relief measures/need for new measures offered to consumers and businesses in the context of the COVID-19 crisis.
- participated in a Commission roundtable in November 2020 with stakeholders and international organisations on Pandemic Insurance (gaps and potential solutions).