Open AccessA framework for defining a role for insurance in "uninsurable" risks: insights from COVID-19
Author(s) -
Howard Kunreuther,
Jason Schupp
Publication year - 2021
Publication title -
journal of insurance regulation
Language(s) - English
Resource type - Journals
ISSN - 0736-248X
DOI - 10.52227/25093.2021
Subject(s) - covid-19 , pandemic , risk management , business , actuarial science , insurance industry , property insurance , public sector , risk analysis (engineering) , economics , casualty insurance , insurance policy , finance , medicine , disease , pathology , infectious disease (medical specialty) , economy , virology , outbreak
Recognizing the challenges facing insurers and the public sector in dealing withthe COVID-19 pandemic, this paper proposes a decision-making framework forevaluating the performance of risk management strategies for dealing with theimpacts of risks traditionally considered by insurers as uninsurable. We discussthree alternative options through which the property/casualty (P/C) industry may beable to play a role in supporting businesses, nonprofits, and the public sector inmanaging future pandemics and other catastrophic and systemic risks.