The European Union’s executive body urged caution on Tuesday in the face of calls for a public-private scheme for insuring companies against economic lockdowns in future pandemics.

"This is a very complex debate and needs time to mature," John Berrigan, head of financial services at the European Commission, told an Insurance Europe event.

"I want to urge some caution here when we are looking at the feasibility of any type of action at the EU level."

Berrigan said such a partnership scheme would require large financial backing from member states who have already spent huge sums in supporting the economy during lockdowns.