Achieving Operational Resilience in the Insurance Sector: Lessons from COVID-19

This collaborative report investigates the ‘layers’ of operational resilience in insurance firms, and argues that the vital lesson from the pandemic is to prepare for a broad range of future operational scenarios, rather than relying on retrospective analysis.

This collaborative report investigates the different ‘layers’ of operational resilience within insurance firms, which cover several areas, ranging from core systems and integrated controls to stress testing and scenario generation. It argues that the vital lesson from COVID-19 for firms is to prepare for a broad range of future operational scenarios, rather than relying on retrospective analysis based on past events.

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