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Pandemic insurance: A portfolio management approach

Author

Listed:
  • Louaas, Alexis

    (CREST-Ecole Polytechnique)

  • Picard, Pierre

    (CREST-Ecole Polytechnique)

Abstract
The COVID-19 crisis has highlighted the deficiencies of business interruption insurance when the economic activity is deeply impacted by a worldwide pandemic. Pandemics have a systemic nature, which distinguishes them from other catastrophic risks such as natural disasters or large-scale industrial accidents. This specificity makes it impossible to mutualize the pandemic risk through insurance or reinsurance. In facing this challenge, capitalization-based insurance mechanisms – so far limited to life insurance – offer a renewed perspective on corporate risk management and provide new opportunities to the insurance industry. In this perspective, we explore the reasons why business interruption insurance should be backed by a specific portfolio-management strategy, and how such a combination would allow insurers to offer coverage against pandemic risk.

Suggested Citation

  • Louaas, Alexis & Picard, Pierre, 2021. "Pandemic insurance: A portfolio management approach," Journal of Financial Transformation, Capco Institute, vol. 54, pages 70-75.
    • Handle: RePEc:ris:jofitr:1684
    as

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    Cited by:

    1. Alexis Louaas & Pierre Picard, 2023. "A pandemic business interruption insurance," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 48(1), pages 1-30, March.

    More about this item

    Keywords

    Insurance; Pandemics; Pandemic Insurance; business interruption insurance; insurers;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G52 - Financial Economics - - Household Finance - - - Insurance

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