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ARTICLE · 27 SEPTEMBER 2022

EIOPA Statement On Exclusions For Systemic Events

Arthur Cox
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EIOPA has published a supervisory statement on exclusions related to systemic events such as pandemics, natural catastrophes or large cyber attacks.

IrelandInsurance
Stephen D'Ardis
Stephen D'Ardis
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EIOPA has published a supervisory statement on exclusions related to systemic events such as pandemics, natural catastrophes or large cyber attacks. COVID-19 and the invasion of Ukraine by Russia are just two recent examples of such events.

Key issues identified by national competent authorities (NCAs) are:

  1. product complexity and unclear policy wording in insurance contracts magnifying uncertainty over coverage and causing increases in complaints and disputes;
  2. following systemic events, insurance manufacturers often reviewing existing products to clarify wording on exclusions, or to include new exclusions, without a proper application of product oversight & governance (POG) rules; and

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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