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European risk managers have helped maintain the continuity of their organizations during the pandemic crisis. They have participated in task forces and crisis units, promoted communication, supported new working practices, pursued insurance recoveries where possible, and begun work on recovery,  according to survey results published by FERMA.

FERMA’s COVID-19 survey, ‘Risk Management, Recovery and Resilience’, is the first Europe-wide look at risk and insurance management during COVID-19. The survey was carried out among FERMA’s 22 member associations between 28th September and 21st October 2020. Replies were received from 314 respondents in 21 countries.

The responses are a snapshot of risks managers’ perspectives in the middle of the pandemic crisis. They also provide a quantitative contribution to the policy discussion taking place at EU and national levels on resilience to pandemic and other large catastrophe events.

Key finding include:

  • More than 30 percent of respondents were involved in creating and implementing their organization’s COVID-19 crisis management; 17 percent led the process. More than 20 percent have been involved in their organization’s pandemic communications response. 23 percent are playing a significant role in setting up and/or rolling out the recovery plan.
  • The vast majority of respondents (90 percent) felt their organizations were either well or somewhat prepared to deal with the pandemic. Principle risk management tools were business continuity plans (74 percent) and unspecified preventive measures (59 percent).
  • For 31 percent of respondents, a pandemic was part of their organization’s risk register in September of 2019. 
  • 67 percent said insurance, especially for non-damage business interruption (NDBI), had not fulfilled corporate needs. Approximately 60 percent would be interested in an NDBI insurance product for pandemic or other catastrophic events.
  • The demand for risk management will grow as a result of the pandemic (75 percent).

Read the report (PDF).

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Business continuity?

Business continuity can be defined as 'the processes, procedures, decisions and activities to ensure that an organization can continue to function through an operational interruption'. Read more about the basics of business continuity here.

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