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Research and Briefings

Pandemic Risk Report


While the COVID-19 pandemic is first and foremost a human tragedy, its impacts continue to affect businesses of all sizes. Although the proliferation of vaccines and other developments have helped to drive economic growth, businesses have suffered substantial revenue declines.

To accelerate our economic recovery, a pandemic risk insurance program is essential. Marsh’s Building Pandemic Resilience Through Public-Private Partnership outlines the case for a public-private pandemic risk solution, and the critical need to provide protection against future pandemic risk.

The Current Insurance Market

Among the pandemic’s various economic effects has been a sizable impact on insurance markets. Across many insurance lines, capacity is shrinking, terms and conditions are narrowing, and underwriting scrutiny is intensifying. Given COVID-19’s specific and extensive effects to date, insurers have begun to broadly exclude pandemic risk from many policy types – and are expected to continue to do so going forward.

The bottom line: Existing insurance solutions — and insurers alone — cannot fully protect businesses from the potentially sizable losses they could incur during the next pandemic or epidemic.

A New Pandemic Risk Solution

To accelerate our economic recovery and build resilience against future pandemics/epidemics, we continue to advocate for a public-private pandemic risk solution on behalf our clients. At Marsh, we believe pandemic risks can be insured — but only through a strong, government-backed pandemic risk management framework.

With support from both the private and public sectors, a pandemic risk insurance facility can:

  • Help limit — but not eliminate — private sector risk.
  • Provide critical assurances to lenders and equity markets.
  • Help to accelerate economic recovery.
  • Absorb much of the initial shock of a future pandemic.

Taking Action

A public-private pandemic risk solution can better position businesses to proactively respond to the next public health crisis — and safeguard our global economy against pandemic risk.

To learn more about the impacts of the COVID-19 pandemic, the benefits of a public-private partnership, and other steps organizations can take to build resilience, download this new report.