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Potential implications of COVID-19 for the Singapore political risk and trade credit market, and initial steps for insurers
The rapid spread of the coronavirus (COVID-19) has led to widespread disruption of global trade and business operations. Government actions to contain the spread of COVID-19 are challenging businesses’ ability to fulfill their contractual obligations. The pandemic is likely to have particular repercussions for underwriters of political risk and trade credit insurance. Most industries will be negatively impacted by COVID-19, and the effects will be exacerbated as the severity and length of the pandemic persists.
We are pleased to announce that we are strengthening our insurance practice with five significant lateral partner hires, considerably enhancing our multi-jurisdiction capabilities.