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Public-Private Solutions to Pandemic Risk: 'Opportunities, Challenges and Trade-Offs'
From the Executive Summary: "Commercial insurers have always sought to push the boundaries of insurability by developing innovative and viable approaches to new and emerging risks of major severity such as natural disasters or changes to liability regimes. For example, Alternative Risk Transfer (ART) solutions, introduced in the 1980s, are designed to better reflect individual risk characteristics, mitigate moral hazard (i.e. the risk of people behaving less carefully once covered by insurance), offer (limited) cover for new exposures and expand capacity for large catastrophe risks (e.g. by tapping into the vast pool of institutional investment funds through Insurance-Linked Securities (ILS)). [...] These efforts notwithstanding, pandemic business continuity risk was, in general, never possible nor intended to be covered by the private sector. To some extent, this reflects demand side reasons such as an endemic underestimation of the frequency and severity of pandemics. However, the shortage of supply primarily results from the high level of embedded risk and, therefore, prohibitively high amounts of capital needed to underpin credible insurance commitments. These extraordinarily high capital requirements are attributable to the unique correlation in the frequency and severity of pandemic business interruption losses as revealed by COVID-19 [coronavirus disease 2019]. Looking ahead, this does not rule out the provision of small-scale selected private market coverage by limiting the degree of risk transfer and the number of businesses covered."
International Association for the Study of Insurance Economics
Schanz, Kai-Uwe
2021-04
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Investigation into the Insurability of Pandemic Risk
From the Executive Summary: "COVID-19 [coronavirus disease 2019] and the draconian shutdown measures adopted by many governments to contain it have plunged the global economy into the deepest recession since the Second World War. For the global insurance industry, too, the pandemic is a severe loss event. Despite this massive strain, initially exacerbated by a steep decline in capital markets, insurers worldwide promptly paid legitimate claims in all areas where pandemic risk was intended to be covered; for example, under life, health and event cancellation policies. In addition, also during the lockdowns, insurers have continued to pay claims and benefits unrelated to the pandemic; for example, in motor, liability and annuities insurance. [...] The extent of correlation and aggregation of pandemic losses for businesses across the globe has put the insurability of pandemic risk in the spotlight. It touches upon the pivotal question of whether pandemics are a type of risk for which the insurance industry can play any kind of role or if this is the type of risk where traditional insurance products are not the solution."
International Association for the Study of Insurance Economics
Schanz, Kai-Uwe; Eling, Martin; Schmeiser, Hato . . .
2020-10
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Role of Insurance in Mitigating Social Inequality
From the Foreword: "Social inequality was a pressing and growing ailment long before COVID-19 [coronavirus disease 2019] hit populations and economies the world over. The disease's expected, long-term social and economic impacts are a call to invigorate and recalibrate discussions to address the topic. This report explores and suggests an important role for insurers in tackling this challenge. [...] This report expounds specific insurance approaches and products that can both protect middle-class populations and better serve vulnerable segments of society as a means of reducing social inequality. At this momentous juncture for the world, it is our hope that insurers, policymakers, regulators and other stakeholders will heed the recommendations put forward in this report."
International Association for the Study of Insurance Economics
Schanz, Kai-Uwe
2020-08
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Global Risk Landscape After COVID-19: What Role for Insurance?
From the Executive Summary: "The world is expected to transition to a 'New Normal' post-pandemic. Many trends that were already underway have been amplified by COVID-19 [coronavirus disease 2019], and a number of lasting effects are expected to fundamentally change the risk landscape and operating environment for insurers, too. This report puts forward a baseline scenario for the post-pandemic risk landscape based on desk research and in-depth interviews, the key elements of which include changes to the political, economic, social and technological environment. Based on this baseline scenario we believe that accelerated digitalisation, 'Big Government', the pivot to sustainability, and the shift to remote working - in that order - are likely to have the most significant effects on insurers and their role in the post-pandemic world. The pandemic has hastened and amplified digitalisation and will accelerate consumers' embrace of e-commerce - for good. This offers new opportunities for insurers and their customers but also entails risks associated with strategic business objectives."
International Association for the Study of Insurance Economics
Schanz, Kai-Uwe
2021-06?
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