Evaluating the Role of Insurance in Managing Risk of Future Pandemics

Howard Kunreuther and Jason Schupp

No 28968, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: COVID-19 has demonstrated the challenges that policymakers, insurers, businesses, and employees face when disaster assistance programs are developed after the pandemic has already started. There is now an opportunity to design and implement effective and efficient solutions to manage the financial risks of a future pandemic. This paper suggests a practical framework, informed by the recent experience with COVID-19, for defining a meaningful role for insurance in managing business interruption (BI) and other risks from future pandemics. Policymakers, regulators, businesses, and other stakeholders interacting with representatives from the insurance industry can assist in defining its role in providing protection against the financial consequences of future pandemics. This framework, while designed for dealing with future pandemics, may be applied to other catastrophic and systemic risks.

JEL-codes: D81 D91 G22 H84 (search for similar items in EconPapers)
Date: 2021-06
New Economics Papers: this item is included in nep-cwa, nep-ias and nep-rmg
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Citations: View citations in EconPapers (2)

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