Trade-offs are needed to create pandemic policy, says Liiba
CEO Christopher Croft argues that governments and private insurers need to collaborate on solution capable to respond to future pandemics in order to keep costs down for taxpayers.
Losses arising from the pandemic are too big to be covered by the insurance industry, which is why a public backstop is needed, according to Christopher Croft, CEO of the London & International Insurance Brokers’ Association (Liiba).
However, he stated that a series of trade-offs are needed to create a solution capable of responding to future pandemics.
Addressing members of South Africa’s Financial Intermediaries Association online on 27 August, Croft said: “In the UK, annual turnover of SME
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