May 26, 2020 / 11:17 AM / in a month

European risk managers propose EU catastrophe insurance

LONDON, May 26 (Reuters) - The European Commission should create an European Union-based resilience framework to provide insurance cover for catastrophes such as pandemics and huge cyber attacks, the Federation of European Risk Management (FERMA) said on Tuesday.

The framework would involve public-private partnerships and could respond to events which create hefty business losses without physical damage, FERMA said in a letter to the EU’s executive body.

The letter comes as small businesses in Europe battle insurers for pay-outs for lost revenue due to the pandemic.

Reporting by Carolyn Cohn, editing by Huw Jones

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