'Most Asia-Pac banks, insurers not prepped for pandemics'

Singapore

LEADERS of financial institutions in the Asia-Pacific were mostly caught unaware by the damaging effects of Covid-19, a recent study of the largest banks and insurance companies in the region has found.

Only one out of 50 banks and three out of as many insurers had identified a pandemic as one of the key risks, with three of these being Japanese companies, said the study published by accounting body CPA Australia in July.