Kennedys – Universal Credit – Insurers counting the costs of COVID-19

• FOIL
• FOIL Ireland
• FOIL Scotland
• London FOIL

Author - Paul Morris

Aside from the horrific cost to life of the COVID-19 pandemic, the economic cost is widely acknowledged to mean a serious recession, the likes of which have not been seen in modern times. No one is immune to its effects and insurers are no different. Insurers are facing legal battles connected directly to the pandemic, but are likely to notice a more subtle, but equally significant increase in claims reserves and pay-outs over the next few years due to Universal Credit.