Insurance
GCs of insurance companies are braced for the knock-on effects of globe-spanning forces like coronavirus and climate change.
‘Insurers are trying to remain profitable in a hard environment – it’s still a difficult and competitive market,’ notes Katherine Coates, head of insurance at Clifford Chance (CC), assessing the UK insurance industry a few days before the coronavirus outbreak was classed as a global emergency.
Since then, general counsel in top UK insurance firms have put long-term plans aside to concentrate on helping their companies handle the crisis. The mood is one of uncertainty as to how severely the insurance sector could be hit by Covid-19 and in what form claims by companies hoping to reclaim losses might take.
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