How to Eat an Elephant – Can we Apply Actuarial Techniques to Cope with Losses due to the Pandemic?
Covid-19 did not ruin actuaries and insurers in the traditional fields of life and health. Instead, the surprise came from the societal lock-downs due to the pandemic. Business interruption policies in most cases did not cover the losses of businesses having to close their doors.
Based on the work during the pandemic undertaken within the AAE this presentation talks of (very limited) possibilities to cover losses due to a pandemic with private insurance. It will also look at the possibilities of having macro-economic tools copied from banking to make it possible for insurers to play a role in alleviating the consequences of a pandemic. Finally it looks at insurability and what needs to be taken into account when designing tools to better cope in the future with a public private partnership.