Media SAV Bahnhofskolloquium | How Societies Manage Risk - The Big Picture of (Re)Insurance, and Beyond

SAV Bahnhofskolloquium | How Societies Manage Risk - The Big Picture of (Re)Insurance, and Beyond

uploaded December 20, 2021 Views: 705 Comments: 0 Marked favorite: 3
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Modern society mitigates and transfers risks in a variety of ways, which range from catastrophe prevention and (re)insurance solutions through to injustices of a minor and inconspicuous nature. 

We illustrate that the measures taken depend on the uncertainty about the risks in question, and involve three trade-offs: 

  • innovation vs. risk avoidance; 
  • liability vs. collective risk sharing; 
  • equity vs. practicable claims settlement. 

We study two highly instructive examples (nuclear liability and the measures taken in the wake of the 9/11 terrorist attack) and discuss the insurability of systemic risks like a pandemic. 

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