COVID-19 response measures were the highlights of a webinar, themed ‘Business Unusual: Normal, Disrupted’, recently organised by Perbadanan Insurans Deposit Malaysia (PIDM) in collaboration with the International Forum of Insurance Guarantee Schemes (IFIGS). 158 participants from 20 jurisdictions attended this webinar.
Following the opening by the IFIGS Chair, speakers from the Financial Stability Institute, Bank for International Settlements and the International Association of Insurance Supervisors, gave presentations on the current and possible future regulatory responses to COVID-19. It was noted that many of the responses aimed at allowing insurers to better manage their COVID-19 exposures and preserve the continuity of insurance services.
The regulators’ session was followed by the First Vice Chair of IFIGS, who spoke about the survey carried out on the measures taken by IFIGS members during COVID-19 to complement steps taken by other financial safety net players. Given that Insurance Guarantee Schemes (IGS) are to enhance confidence in the insurance industry, most IGSs were quick to respond by activating their business continuity plans, and carrying out communications to reassure the public. They also worked closely with other financial safety net players, monitoring developments for possible risk areas.
The webinar concluded with a lively panel discussion moderated by the Chair of IFIGS on the overall perspective on the business outlook for insurers in a post COVID-19 environment, following presentations by the senior partner at Actuarial Partners Consulting and speakers from Swiss Re. In closing, the Chief Executive Officer of PIDM called for IGSs to continue playing its important role in promoting financial stability post COVID-19.
This webinar is one of the platforms for IFIGS members to exchange ideas on the issues of mutual interest and challenges. It is a part of IFIGS’ continuing efforts to promote international cooperation between IGSs and other interested stakeholders. Should you have an interest in becoming an IFIGS member, please contact IFIGS at email@example.com
for more information.
Top left, Mr. Rafiz Azuan Abdullah (Chief Executive Officer, PIDM), top right, Mr. Alister Campbell (President and Chief Executive Officer, Property and Casualty Insurance Compensation Corporation (PACICC) and Chair, IFIGS), bottom left, Mr. Zainal Abidin Mohd Kassim (Managing Director and Senior Partner, Actuarial Partners Consulting, Malaysia), bottom right, Mr. Nikhil da Victoria Lobo (Market Executive for Western and Southern Europe for Reinsurance, Swiss Re)