Do insurers have COVID-19 covered?

Do insurers have COVID-19 covered?

What are the implications of COVID-19 for the insurance industry? And what longer-term trends might the outbreak serve to usher in for the future.


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Giselle Borg

Partner, Advisory Services

KPMG in Malta


The COVID-19 outbreak that began towards the end of last year has now become a pandemic. The spread of the disease is accelerating, with the World Health Organization recently describing Europe as its current ‘epicentre’. The impact of COVID-19 on our family, communities and work lives continues to grow.

A crisis such as COVID-19 affects all business sectors – but there are some unique considerations that impact the insurance industry. So, how is the insurance industry likely to shape up to the unfolding crisis? What are the implications across the different segments of general and life insurance? And what longer-term trends might the outbreak serve to usher in for the future?

To help you navigate theses uncertain time, we have created a summary of the impacts of COVID-19 on the insurance industry in the article Do insurers have COVID-19 covered? 


  • General insurers are likely to see less of an impact than life insurers due to some of the policy provisions that evolved, especially since the SARS outbreak of 2003.
  • Operational impacts are starting to put strain on certain areas of insurers that are working more closely with customers, such as contact centres and claims
  • Tremendous disruption to the financial markets affecting equity market, interest rates and credit spreads.
  • Life insurance likely to be the most affected with the double effect of an increase in claims and volatility of the financial markets with low interest rates and impact on investment returns and solvency ratios.

The article also contains useful considerations for insurers to think about how to prepare for the future.

Do insurers have COVID-19 covered?

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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