Contents

Abstract

The COVID-19 pandemic and the measures taken to limit the scatter of the disease have significantly disrupted economic activity in countries around the worldly concern, resulting in significant business pause losses. The huge majority of these losses are likely to be absorbed by policyholders as, unless governments ( or courts ) intervene, few companies have business break coverage that is probably to respond to these types of losses – exposing the being of an important protection break for some pandemic-related clientele pause losses. This note provides an overview of how business interruption policy against pandemic hazard could be provided with support from governments, and some of the challenges and considerations necessary for establishing such a program. The closure of manufacture plants, restaurants, retail establishments and other places of business to limit the bedspread of COVID-19 has resulted in meaning business interruption losses. The huge majority of these losses are probably to be absorbed by the affect businesses as : ( one ) many businesses have not acquired coverage for occupation break losses ; and ( two ) unless governments ( or courts ) intervene, few of the companies that have acquired business break coverage have coverage that is likely to respond to these types of losses ( see the OECD ’ s Initial appraisal of indemnity coverage and gaps for tackling COVID-19 impacts for a more detail assessment of the indemnity coverage available for COVID-19 associate losses ). In reception to the current crisis, policymakers in a numeral of jurisdictions are examining respective ways to support commercial policyholders ( peculiarly small and medium-sized enterprises ( SMEs ) ) in the context of the uninsured commercial enterprise interruption losses that they have faced as a result of the stream COVID-19 pandemic. Policymakers are besides beginning to examine longer-term solutions to address the break in fiscal protection for pandemic-related business pause that has come to light as a consequence of the current crisis.

This eminence provides an overview of the initial responses to the probable business pause security opening for COVID-19 and a discussion of how business pause insurance against pandemic hazard could be provided with support from governments based on the experience of other calamity risk indemnity programmes .

Businesses across many sectors of the economy have faced a significant descent in gross as a consequence of government directives to close their businesses or curtail their activities in ordering to slow the bedspread of the virus among employees and customers. The OECD estimates that one-month of hard-and-fast confinement measures leads to approximately USD 1.7 trillion in tax income losses ( see Box 1 ). Most governments have implemented programmes to support businesses that have faced significant disruption as a resultant role of COVID-19, focused on ensuring the handiness of finance for businesses or income for their employees. Some commercial property policy policies besides include coverage for commercial enterprise interruption losses which provides policyholders with auspices against some of the losses that they incur when their business is forced to close, subject to the terms and conditions of the person policy. Box 1 .Estimates of business revenue losses Estimates of business gross losses The initial set of parturiency measures that occurred in March-June 2020 across most OECD countries had unlike impacts on unlike businesses sectors. Some types of business activities were able to be maintained at ( or near ) normal levels, while others had to shut down.1 In Canada, the national statistics office ( Statistics Canada ) undertook a survey of businesses to determine the change in businesses revenues in April 2020 ( during the period of parturiency ) relative to April 2019 ( Statistics Canada, 2020 [ 1 ] ). While the survey only provided ranges for gross changes, there was sufficient coarseness to allow for a rocky calculation of the average decline in revenues across sectors ( ranging from an 11.7 % worsen in the department of agriculture, forestry, fish and hunting sector to a 41.0 % decline in the accommodation and food services sector ). design 1 applies these sector-level average declines in tax income across early OECD countries to provide estimates of the losses that would be incurred in different countries, adjusting for the unlike musical composition of business activities in different countries ( and assuming that the different restriction measures resulted in similar impacts on revenues ) .2 For the 27 OECD countries for which the necessary datum was available ( in addition to Canada, calculated based on ( Statistics Canada, 2020 [ 2 ] ) ), a month of confinement measures could result in full business gross losses of USD 1.7 trillion. The 28 countries included account for approximately 93 % of OECD state GDP. Additional periods of restriction and business closures ( as are occurring already in many countries ) would of course increase the overall horizontal surface of losses.

calculate 1 .Estimates of monthly impact of confinement measures on business revenues (USD billion) Estimates of monthly impact of confinement measures on business revenues ( USD billion )Figure 1. Estimates of monthly impact of confinement measures on business revenues (USD billion) beginning : Data on end product by business sector is taken from ( OECD, 2020 [ 3 ] ). The latest available data for many countries was 2017 and sol the figures were adjusted upwards to account for GDP growth in 2018 ( from ( OECD, 2020 [ 4 ] ) and inflated to 2019 USD. 1. For example, one survey of US small businesses found that those businesses involved in service-type industries ( such as retail or food services ) and physical-type industries ( such as construction or fabrication ) were much more probably to face severe decreases or even sum losses of tax income than businesses operating in knowledge-type industries ( SHRM, 2020 [ 5 ] ). 2. restriction measures were of run unlike across countries and besides had different impacts on commercial enterprise revenues. In the United States, one appraisal suggests that the overall refuse in business revenues among small businesses reached 38.2 % as of 30 April 2020 ( relative to January 2020 ) ( Chetty et al., 2020 [ 6 ] ) which is higher than the overall calculate for canadian businesses ( 25.5 % ). In Australia, data on the share of businesses that faced decreases in gross have been published ( although not estimates of the sum of decline ). In May 2020, it was estimated that 72 % of businesses faced a reduction in revenues ( australian Bureau of Statistics, n.d. [ 7 ] ) which is comparable to the figure for the canadian sample for April ( 70.2 % ). Insurers and their associations around the populace have indicated that most policyholders have not acquired insurance coverage that will respond to the business break losses that result from COVID-19 business closures. In most countries, clientele interruption coverage is provided as an optional coverage attached to commercial place insurance that is frequently ( but not always ) 1 triggered alone as a result of damage to physical property. In summation, in a few countries and policies ( notably, in the United States ), an exclusion was developed ( more than 15 years ago ) and has been applied with the draw a bead on of specifically excluding coverage for losses due to virus ( or bacteria ) ( or specifically losses in the context of a pandemic ). 2 Some denotative coverage for occupation break losses resulting from a pandemic has been made available as endorsements or forte coverage although take-up of this explicit coverage has been limited ( see Box 2 ). Box 2 .Insurance coverage developed for pandemic (and non-damage) business interruption indemnity coverage developed for pandemic ( and non-damage ) clientele interruption Some indemnity products have been developed to offer explicit coverage for business break losses suffered as a result of an infectious disease outbreak, either as a forte stand-alone policy or as an endorsement to a policyholder ’ s existing business pause coverage. In 2018, for exemplar, a specific coverage for fiscal losses due to outbreaks, epidemics or pandemics was made available ( Marsh, 2020 [ 8 ] ) although there has reportedly been about no take-up ( Collins, 2020 [ 9 ] ). The Insurance Services Office in the United States developed two optional endorsements for commercial property policies applicable to clientele pause losses as a solution of occupation closures related to COVID-19 in February 2020 although it is excessively early on to determine whether insurers will seek to offer that coverage ( Barlow, 2020 [ 10 ] ). There are besides a few commercial indemnity policies that specifically include pandemics as a cover risk in some markets ( such as a place and liability policy tailored to dentist practices in Canada ) ( O ’ Hara, 2020 [ 11 ] ). In summation, some coverage has been developed for non-damage clientele break which is meant to respond to any break to occupation that does not involve physical price to the insure premises or a build in proximity to the see premises ( which would include pandemics unless specifically excluded under the terms of the coverage ). however, non-damage business pause remains a specialization coverage with limited penetration .

A count of insurance supervisors have assessed the potential for business break coverage to respond to losses incurred as a solution of COVID-19 related business closures. In the US submit of Washington, for example, the Office of the Insurance Commissioner undertook a review of policy wordings offered by 84 indemnity companies and found that only two indemnity companies offered coverage for a pandemic in their base policies while 15 others offered limited coverage through endorsements to other policies ( Washington express Office of the Insurance Commissioner, 2020 [ 12 ] ). In France, the Autorité de contrôle prudentiel et de résolution ( ACPR ) requested information from approximately 20 insurers ( accounting for a significant part of business interruption coverage in the french market ) and found that only 2.6 % of these companies ’ policyholders had denotative business pause for a COVID-19-type event while a far 4.1 % had coverage that could potentially respond ( i.e. their policy wordings did not provide certainty on coverage ) ( ACPR, 2020 [ 13 ] ). 3 It appears that many policyholder claims for COVID-19-related business break losses are being rejected by policy companies. For example, in the United Kingdom, a survey of hospitality-related businesses found that less than 1 % of cordial reception businesses, 3 % of innkeepers and 4 % of beer and public house businesses had received a positive response from their insurance company regarding occupation pause coverage for COVID-19 related closures ( Gould, 2020 [ 14 ] ). In the United States ( as of November 2020 ), less than 2 % of shut claims for commercial enterprise break losses submitted to insurers were paid 4 ( NAIC, 2020 [ 15 ] ). Some insurance companies have responded by offering extra coverage or making volunteer payments to support businesses affected by disruptions as a result of COVID-19 ( see Box 3 ). Box 3 .Voluntary payments and coverage extensions for business interruption losses voluntary payments and coverage extensions for business break losses In a few jurisdictions, policy companies are offering extra coverage or making voluntary payments to support businesses affected by disruptions as a result of COVID-19. In Switzerland, a number of companies have agreed to voluntarily compensate their policyholders in the restaurant sector for some commercial enterprise interruption losses. In the german state of Bavaria, indemnity companies have agreed to provide volunteer recompense for 10 % -15 % of the normal casual cost of clientele break to policyholders in the cordial reception sector ( Bayerisches Staatsministerium für Wirtschaft, 2020 [ 16 ] ). At least one german insurance company will reportedly provide similar compensation to all of its german policyholders ( Huebner, 2020 [ 17 ] ). In France, indemnity companies announced that they will jointly contribute EUR 400 million to a solidarity fund for affect businesses ( FFA, 2020 [ 18 ] ) and some insurers are reportedly providing small firms with ex-gratia payments ( Huebner, 2020 [ 17 ] ). In the United States, a legislative marriage proposal has been introduced that would allow insurers to voluntarily make payments ( reimbursed by government ) for business interruption losses under policies that provide coverage for losses related to civil authority closures and apply a virus ejection ( Office of Congressman Mike Thompson, 2020 [ 19 ] ). According to the italian insurance affiliation ( Associazione Nazionale fra lupus erythematosus Imprese Assicuratrici ( ANIA ) ), indemnity coverage for business break is not common on the italian market, particularly among SMEs – and where acquired, it may only be triggered as a result of forcible damage to the see premises. As a result, italian SMEs subjected to closure orders ( e.g. retail shops, bars and restaurants and diverse types of service providers ) were unlikely to receive any policy payments for the losses incurred as a solution of the closures. A group of indemnity companies responded by designing a coverage extension to provide affected SMEs with a daily allowance valid for up to 15 days of coherent business closure. In addition, indemnity companies in many jurisdictions are providing respective forms of hold to policyholders, including businesses, such as bounty seemliness periods and refunds and flexibility in terms of coverage interpretation ( see the OECD report on Insurance Sector Responses to COVID-19 for an overview of these initiatives ). Legislators in some jurisdictions have raised concerns about the miss of coverage for COVID-19-related business pause losses. For example, the Chair of the UK House of Commons Treasury Select Committee wrote to the Association of british Insurers requesting information on the approach that insurers will take to business pause claims and the come of losses that insurers expect to pay ( Stride, 2020 [ 20 ] ). In France, a senator representing the zone of Ille-et-Vilaine submitted a written question to the Minister of Economy and Finance on 9 April regarding the want to extend retroactive coverage for business break losses through the french natural catastrophe insurance program ( Robert, 2020 [ 21 ] ). In a few jurisdictions, governments are besides considering ways to ensure that policy coverage responds to the business pause losses that have been ( and are being incurred ) by businesses. In the United States, for exercise, legislation has been proposed in a issue of jurisdictions ( including District of Columbia, Louisiana, Massachusetts, New Jersey, New York, Pennsylvania, Ohio, Rhode Island and South Carolina ( Turner, 2020 [ 22 ] ) ) that, if adopted, might require insurers to pay certain business pause claims submitted by businesses that had business interruption insurance at the time COVID-19 measures were implemented – flush where indemnity policies have exclusions or early policy terms and conditions that normally would preclude coverage for such losses. In the US state of California, a late legislative proposal reportedly includes a rebuttable presumption that would, for the purposes of claims interpretation, require an assumption that during the state of emergency, COVID-19 was present, caused physical damage and was the lineal campaign of business pause to businesses in the state ( Insurance Journal, 2020 [ 23 ] ). At the meter of writing, many of the department of state legislative proposals were at an early stagecoach of development and some of the early proposals ( including legislative proposals in the District of Columbia and Louisiana ) have reportedly been abandoned ( Foggan, Sabino and Sutta, 2020 [ 24 ] ) ). policy regulators and supervisors ( along with policy companies ) have raised concerns over the implications of retroactively expanding coverage obligations. The International Association of Insurance Supervisors issued a statement in May 2020 that cautioned against “ initiatives seeking to require insurers to retroactively cover Covid-19 refer losses, such as business break, that are specifically excluded in existing indemnity contracts ”. The IAIS besides noted that these “ initiatives could ultimately threaten policyholder protective covering and fiscal constancy, further aggravating the fiscal and economic impacts of Covid-19 ” ( IAIS, 2020 [ 25 ] ). In the United States, the NAIC issued a argument raising concerns with proposals to require retroactive coverage of clientele break claims and highlighted the significant solvency risks to the sector vitamin a well as the macroprudential risks associated with such proposals ( NAIC, 2020 [ 26 ] ). The US Department of the Treasury has besides noted concerns about potential hindrance with the contractual arrangements made between insurers and their policyholders and the possibility that such proposals could introduce stability risks ( Vaughan, 2020 [ 27 ] ). In France, the ACPR has reminded insurers that they should not make payments for losses that are not included within the oscilloscope of coverage that they provided ( ACPR, 2020 [ 28 ] ). Proposals which may require insurers to pay claims for losses that they did not intend to cover and for which they have not collected premiums or set aside provisions/reserves could have unplayful implications. The scale of losses that policyholders are incurring as a resultant role of commercial enterprise disturbance are multiples of the sum that insurers will normally payout for business interruption claims and may far exceed the sum of excess capital ( see below ). If excess capital were exhausted as a leave of mandated payouts for COVID-19 clientele interruption, the ability of insurers to respond to losses from future events would be unsealed. The certainty of contractually-agreed policy coverage would besides likely come into interview if legislators could intervene to alter outcomes – and there could be cross-border implications if some of the losses covered retroactively in one legal power are reinsured in another. The absence of ( or doubt regarding ) coverage has led ( and will continue to lead ) to a big total of disputes between insurers and their policyholders which is likely to take months ( if not years ) to resolve. For model, in the United States, over 1 500 COVID-19-related policy coverage lawsuits have reportedly been filed ( as of February 2020 ) ( Baker, 2021 [ 29 ] ) with early outcomes suggesting unlike judicial interpretations of key issues and limited potential for any consolidation of proceedings ( Covington, 2020 [ 30 ] ) ( although with a big number of those cases subjected to a gesticulate to dismiss by the insurance company dismissed, particularly in Federal courts ( Baker, 2021 [ 29 ] ) ). Some legislators, policy regulators ( peculiarly market behavior and consumer protection authorities ) and insurance associations are taking steps to support a more effective resolving power of these disputes, including through the meekness of trial cases meant to provide clearness on the rendition of commonly-used policy wordings ( see Box 4 ). Box 4 .Test cases and legal interpretations on coverage applicability test cases and legal interpretations on coverage applicability insurance regulators and supervisors, and policy associations in a number of jurisdictions are submitting or sponsoring cases for legal interpretation to address some of the uncertainties related to occupation interruption coverage that have arisen based on the policy wordings normally used by insurance companies in their jurisdictions :

  • In the United Kingdom, the Financial Conduct Authority ( FCA ) took the unprecedented step of seeking clearness from the courts on some particular areas of potential coverage disputes related to non-damage commercial enterprise break coverage 1 with the aim of expediting a resolution and reducing the motivation for drawn-out litigation between insurers and their policyholders ( FCA, 2020 [ 31 ] ). A high gear Court opinion was made in September 2020 with certain elements of that judgment appealed to the Supreme Court which rendered opinion in January 2021. The courts found that many of 21 policy wordings examined include coverage applicable to business interruption losses through the interpretation of disease clauses ( which provide coverage in the event that an outbreak of notifiable disease occurs in proximity to the insured ) and coverage for prevention of entree and that trends clauses 2 can not ( by and large ) be applied to reduce the sum of claims paid to policyholders ( Lewis et al., 2021 [ 33 ] ). The FCA issued a Dear CEO letter after the Supreme Court judgment outlining its anticipation that insurers make payment on claims deoxyadenosine monophosphate promptly as possible under affect policies ( FCA, 2021 [ 34 ] ) .
  • In Switzerland, the Ombudsman of Private Insurance commissioned a third party legal opinion seeking clearness on the applicability of assorted pandemic exclusions that are applied as separate of the general conditions of some swiss property and business property insurance policies ( Dörig and Bösch, 2020 [ 35 ] ) .
  • In South Africa, the Financial Sector Conduct Authority ( FSCA ) identified the types of commercial enterprise break policies that could potentially include coverage and the evidence required to demonstrate coverage which is meant to reduce variation in rendition by insurance companies using alike wordings ( FSCA, 2020 [ 36 ] ). A number of non-life insurers agreed ( as function of a discussion with prudential and market demeanor regulators ) to provide interim payments to some or all policyholders with a potentially relevant coverage for infectious diseases while legal certainty was sought on the applicability of coverage ( FSCA, 2020 [ 37 ] ). According to the Financial Sector Conduct Authority ( based on discussions with non-life insurers ), late judicial rulings have provided legal certainty on the applicability of contingent occupation pause coverage to losses resulting from closure orders related to COVID-19 ( FSCA, 2021 [ 38 ] ) and south african insurers have begun making payments to eligible policyholders ( Rumney, 2020 [ 39 ] ), ( Mukherjee, 2021 [ 40 ] ). The FSCA has responded to the decision on the applicability of contingent occupation pause by providing far guidance on the payment of claims under applicable policies ( FSCA, 2021 [ 38 ] ) .
  • In Ireland, the Central Bank of Ireland has established a COVID-19 and Business Interruption Insurance Supervisory Framework that outlines its expectations of insurers in terms of responding to business interruptions claims, including steering on the interpretation of some issues, the allotment of litigation costs, particularly for cases deemed to be possible “ examination cases ” and a requirement for insurers to extend the benefits of dispute resolutions to other relevant policyholders ( Carrigy and Grogan, 2020 [ 42 ] ), ( Moore, 2020 [ 43 ] ). This anticipation was recently reiterated by the Central Bank of Ireland Governor following a high Court ( “ test case ” ) decision that found that business break coverage applied to losses faced by four public house owners as a result of business settlement orders ( Makhlouf, 2021 [ 44 ] ) .
  • In Australia, the Insurance Council of Australia ( non-life indemnity diligence association ) has launched two test subject to seek clarity on the applicability of business interruption coverage. The first examination case was launched in the state of New South Wales based on two small business claims made to the australian Financial Complaints Authority ( AFCA ). The policies in question reportedly use exclusionary language for number homo diseases that is coarse to many indemnity policies in Australia ( Williams and Cabban, 2020 [ 46 ] ). In November 2020, the New South Wales Court of Appeal ruled that policies that applied exclusions that referenced the revoke Quarantine Act of 1908 3 were not enforceable and that coverage was therefore applicable ( Collins, 2020 [ 47 ] ). Some insurance companies have increased their claims provisions and are considering raising extra capital as a result of the decision ( Dowding, 2020 [ 48 ] ) although the Insurance Council of Australia has made an application to appeal the decision ( ICA, 2021 [ 49 ] ). The second test case is meant to seek clearness on versatile policy wording issues included in nine break small clientele claims disputes lodged with the AFCA, including the definition of a disease, proximity of an outbreak to a business, and prevention of access to premises due to a government mandate ( ICA, 2021 [ 49 ] ), ( ICA, 2021 [ 50 ] ) .

← 1. The FCA sought an pressing declarative judgment from the courts on the applicability of non-damage business break coverage ( including coverage for pandemics, denial of access and civil authority closures that do not require physical damage to be triggered ) provided in a set of 17 commercial place policies to COVID-19-related losses. The test casing did not address the doubt related to whether virus contaminant could be considered physical damage, which is another significant sphere of potential disputes ( FCA, 2020 [ 51 ] ) ( Jones and Cohn, 2020 [ 52 ] ), ( Le Marquer, 2020 [ 53 ] ). ← 2. In some business interruption coverage, a trends clause may be applied to adjust the calculation of lost revenues to account for factors unrelated to the triggering hazard that would have had an impact on the total of revenues earned had the cover consequence not occurred. ← 3. A policy exception that referenced the Biosecurity Act of 2015, which replaced the Quarantine Act of 1908 and included COVID-19 as a list disease, was found to be applicable in a discriminate decision by the Full Federal Court that denied coverage for business break losses resulting from lockdown measures ( Saville and Burgess, 2020 [ 54 ] ) .

Policymakers and other stakeholders are beginning to examine longer-term solutions to the business break protection opening as many private insurance marketplace participants have expressed concerns about offering comprehensive coverage without some form of loss-sharing program. A count of policy and gamble management associations have publicly indicated their confirm for developing a plan to cover pandemic-related clientele interruption losses, including risk management, broker and indemnity associations from across Europe and the United States ( Ladbury, 2020 [ 55 ] ), ( Collins and Norris, 2020 [ 56 ] ), ( Ladbury, 2020 [ 57 ] ). In the United States, a legislative proposal to establish a union pandemic risk reinsurance program ( “ Pandemic Risk Insurance Act of 2020 ” ) has been introduced to Congress. Working groups, in some cases involving both the public and individual sectors, have been established in France, Germany, Switzerland, the United Kingdom ( amongst early jurisdictions ), a well as by the european Insurance and Occupational Pensions Authority ( EIOPA ) to examine potential solutions for providing insurance for future pandemics ( Direction générale du Trésor, 2020 [ 58 ] ), ( Insurance Journal, 2020 [ 59 ] ), ( EIOPA, 2020 [ 60 ] ). There is meaning international feel in establishing catastrophe risk policy programmes to respond to other catastrophe perils which may provide some lessons for responding to future pandemics ( although pandemics may present unlike risks and challenges, as outlined in the segment below ). Annex A provides an overview of calamity gamble programmes and dear practices for supporting broad coverage, lowering the aggregate cost of coverage, minimising public fiscal exposure and encouraging hazard reduction through program purpose .

A pandemic presents different risks and challenges from many of the other types of perils that have been targeted by catastrophe gamble policy programmes .

catastrophe risk insurance programmes are much targeted at property damage, whether to residential or commercial buildings. In mature insurance markets, coverage for property wrong is acquired by about all commercial entities. As a result, coverage for property damage of the hazard targeted by the catastrophe risk indemnity plan can be attached to the coverage that already exists in the grocery store and achieve wide penetration ( although some programmes have established their own coverage terms and conditions ). however, the share of businesses that have acquired business pause coverage is much lower. In the United States, for model, approximately 30 % of businesses have acquired coverage for business interruption. In France, the Fédération française de l ’ assurance estimates that approximately 50 % of SMEs have business pause coverage ( relative to 100 % that have coverage for property price ) ( FFA, 2020 [ 61 ] ). As a resultant role, it would probable be more unmanageable to achieve broad penetration by attaching pandemic coverage to business break policies. In accession, one of the main ( disputed ) limitations to coverage of business interruption losses resulting from COVID-19 ( or other infectious diseases ) in many jurisdictions is that coverage may only be triggered as a result of physical damage and contaminant may not be considered place wrong. 6 The challenge will be to add coverage through a pandemic risk insurance program without altering existing commercial practices related to the coverage of non-damage business pause .

While it is difficult to assess the frequency of pandemics, the electric potential severity of losses is huge. The magnitude of commercial enterprise break losses that are likely to be incurred as a result of COVID-19 ( whether by policyholders or their insurers ) is much higher than the losses incurred as a leave of any holocene single catastrophe event. As noted in Box 1, businesses across OECD countries faced an estimated USD 1.7 trillion in tax income losses for one-month of hard-and-fast confinement measures. By comparison, the Great East Japan Earthquake in 2011 ( the largest economic loss from a single event since at least 1970 ) resulted in USD 234 billion in losses ( in 2018 USD ). likely losses of this magnitude would far exceed the sum of premiums collected for business interruption coverage. For example, the approximately 20 french insurers surveyed by ACPR reportedly collected a sum of EUR 354 million in premiums for business interruption coverage in 2019 ( ACPR, 2020 [ 13 ] ). human body 2 provides across-the-board estimates of the potential amount of premiums that would need to be collected ( as a share of gross mastermind property insurance premium ) in order to provide some coverage 7 for one calendar month of business break losses ( for a fall period of 100 years and 35 years 8 ).

number 2 .Pandemic-related business interruption: potential annual premium requirement Pandemic-related business break : potential annual premium necessityFigure 2. Pandemic-related business interruption: potential annual premium requirement eminence : gross worsen estimates were derived as outlined in Figure 1 above. The premium requirements were calculated for a coverage of 50 % of one-month of tax income losses and incorporate a loss ratio of approximately 65 %. beginning : OECD calculations as outlined in Figure 1. place premium data is from ( OECD, 2020 [ 63 ] ). The cost of capital requirements – which are normally higher for low frequency events, would not benefit from any significant deductions as a leave of diversification 9 and would need to account for the high-level of doubt regarding frequency and asperity – would add a significant come to the bounty requirement. These estimates suggest that providing comprehensive examination coverage for all occupation break losses for a pandemic of alike magnitude as COVID-19 would entail absorb losses at much greater levels than any catastrophe consequence in the past and would require a significant increase in the amount of premiums collected to fund those losses in most countries ( although in some countries, the addition in ask premiums could be less than 10 % of current premium levels ) .

The design of a calamity risk insurance course of study would need to consider the best direction to achieve broad coverage. Where optional coverage for pandemic gamble has been available, it has not been frequently acquired. The experience of COVID-19 will surely lead to an increase in interest for such coverage although it ’ s not assured that this will lead to a long-run change in voluntary take-up particularly if the monetary value of coverage is significant. experience from other catastrophe risk indemnity programmes suggests that merely making coverage available may not be sufficient for achieving broad coverage .

Given the likely for a pandemic to affect all parts of the world ( near ) simultaneously, the fiscal benefits of diversifying photograph geographically will be limited ( at least in the context of a ball-shaped pandemic ). 10 The ability of reinsurance markets ( including alternative hazard transplant through capital markets ) to provide coverage for risks at a lower price than basal insurers operating in a single market depends on their ability to pool uncorrelated risks from around the universe. The nature of pandemic risk challenges the ability of the private commercialize to diversify the risk and would likely lead to a higher price for reinsurance or retrocession ( including through alternative risk transfer markets ) than in the sheath of other perils whose happening would not be correlated across countries or with fiscal markets. In the case of alternative risk transfer markets, one of the attractive features for investors has been a lack of correlation between the performance of these instruments and fiscal market performance. 11 however, the current crisis has demonstrated that a large-scale pandemic is besides likely to have a negative impingement on fiscal markets .

Given the recent experience with COVID-19, it is likely that insurers will be reluctant to provide broad coverage for business interruption in the near future ( or at least not at a cost broadly accessible to commercial policyholders ). Some reports suggest that insurers are reducing or eliminating any potential coverage for pandemic risk in property damage and business break policies ( Marsh, 2020 [ 8 ] ) and are considering applying versatile exclusions in other lines of business where some exposure is probably ( e.g. directors and officers liability policy ( Collins, 2020 [ 68 ] ) ). The potential that confinement measures would be imposed broadly as partially of any effective answer to an infectious disease outbreak is likely to limit the appetite of private insurance markets to offer significant capability even in terms of first-loss coverage as such measures would lead to many policyholders being affected simultaneously. In the United States, for case, the indemnity associations that have put forward the Business Continuity Protection Program proposal ( see below ) do not include a risk-taking role for insurers ( although ( rhenium ) insurers in France have indicated that they would be bequeath to provide EUR 2 billion in ( first-loss ) coverage capacity with access to reinsurance through CCR ( public reinsurer ) ( FFA, 2020 [ 61 ] ) ). There is besides a high-level of uncertainty related to the frequency and badness of infectious disease outbreaks. While catastrophe models for pandemic gamble have existed for a number years, these models are focused on morbidity and mortality, not the occupation break losses that would be addressed by a pandemic gamble business pause indemnity program .

There would be challenges in terms of designing a program that encourages risk reduction by policyholders. There may be more limited actions that policyholders can take to reduce their risk than in the font of other types of perils. Box 5 .Potential design features of a pandemic risk insurance programme potential purpose features of a pandemic risk policy broadcast Given the nature of pandemic gamble, governments wishing to establish a pandemic risk insurance programme should consider how the take after practices could support the design of a programme that achieves broad coverage, limits public sector exposure and encourages risk reduction .

Broad coverage, potentially through automatic coverage extensions

Governments may wish to consider approaches that involve an automatic rifle elongation of coverage for pandemic risk business interruption in order to ensure broad coverage. An automatic extension to include coverage for pandemic risk business interruption as part of commercial property policy policies or an approach that involves the voiding of relevant exclusions ( on an ex-husband ante, not ex post or ex post facto basis ) under specific circumstances ( e.g. a pandemic that has been formally declared as such by a government agency ) would probable be more effective in ensuring broad coverage than merely making coverage available. As outlined in Annex A, programmes that make coverage available on an optional footing have by and large had more limit achiever in reducing the protection gap for targeted perils. Voiding applicable exclusions might help address the challenges of integrating coverage for pandemic-related commercial enterprise interruption into the existing telescope of commercial property policies .

Limit public exposure by leveraging available private sector capacity

The design of a pandemic risk occupation break insurance plan should involve a careful judgment of the appetite of individual ( re ) policy markets to provide coverage for different infectious disease outbreak scenarios arsenic well as the cost potency of different approaches to publicly-provided coverage. The limited ability to diversify risk in reinsurance and retrocession markets would likely lead to higher costs for reinsurance coverage which may suggest that government-backing should target higher layers of losses, allowing individual insurance ( and reinsurance ) markets to develop for losses below a doorway for politics engagement ( as outlined below, many of the proposals put forward to provide coverage for pandemic-related occupation break losses in the longer-term recommend a function for politics as reinsurer ). calamity hazard indemnity programmes that provide coverage as direct insurance or for lower loss layers ( normally ) depend on secret reinsurance, retrocession and capital markets for leveraging individual market capacity although these markets may not have significant capacity for a riskiness that is difficult to diversify geographically, may be highly correlated with fiscal markets and could result in very large losses. however, as it may take some time before secret ( ra ) insurance markets will be willing to make available meaning capacity, thresholds for government involvement may need to be set at fairly low levels initially. It is unlikely that private ( ra ) indemnity markets would ever have the capacitance to manage the losses resulting from a pandemic on the scale of COVID-19. however, any risk-absorption by private markets would however reduce public sector photograph. Some have suggested that any plan established to address pandemic-related business interruption should besides provide a solution to early uninsured ( or underinsured ) non-damage business break perils ( such as cyber perils or major power break ) ( recommended by the Federation of European Risk Management Associations ( FERMA ) ( FERMA, 2020 [ 69 ] ). Offering coverage for a broader set of perils could offer benefits in terms of the diversification of programme exposure .

Provide incentives (or requirements) for risk reduction

One of the challenges that has exacerbated commercial enterprise interruption losses ( in some sectors ) has been difficulties in transitioning to a work from home approach. Insurers could be required to ensure that policyholders have business continuity plans or early risk extenuation measures in station ( or could offer premium discounts ) that support the continuity of operations ( where potential ) and reduce the sum of business interruption losses incurred in the consequence of far-flung business closures. A pandemic hazard indemnity program could besides integrate requirements for shroud businesses to implement measures to limit the gap of the virus ( such as a strengthen capacity for distant working ) and protect the health and base hit of employees and customers. The Business Continuity Protection Program marriage proposal put forward by US insurance association, for exercise, includes a recommendation that attachment to federal health guidance be a condition for access to compensation ( NAMIC, APCIA and Big I, 2020 [ 70 ] ). The policy sector could besides become an advocate for strengthening government readiness through a pandemic risk indemnity program. 1

Consider whether insurance is the most efficient mechanism

Governments are providing respective types of fiscal support to address the fiscal implications of COVID-19 on individuals and businesses, including a total of programmes that compensate for costs that would normally be covered under business pause policy. ultimately, governments will need to consider whether it is more cost-efficient to provide fiscal support for a catastrophe risk insurance course of study for these losses or simply provide this support directly to businesses from the general government budget. Governments could besides consider whether it would be more cost-efficient to access private insurance markets as a intend to protect public finances rather than through a cost-share catastrophe hazard indemnity program. An insurance programme would be most beneficial if it increases private market appetite for assuming pandemic-related risks, supports risk understanding and risk reduction and provides certainty to business regarding their coverage for future pandemic-related business interruption losses. ← 1. In the United Kingdom, for example, insurance companies have historically agreed to provide broad coverage for flood price based on a commitment by government to make sufficient investment in deluge risk extenuation .

In many jurisdictions, policymakers, legislators and indemnity organisations have established working groups, developed legislation and made assorted proposals on the establishment of pandemic gamble indemnity programmes. In some cases, these proposals have been published or reported in the media .

EIOPA has developed an issues paper setting out some of the issues and options for establishing an policy solution for addressing pandemic-related business pause losses ( “ shared resilience solution ” ), based on discussions with representatives from the insurance industry and commercial insurance buyers. The issues paper outlines potential options for addressing risk judgment challenges ( such as the model of non-damage occupation break ( NDBI ) gamble ) and incentivising risk prevention measures ( through price and contractual terms ) equally well as some electric potential merchandise design features to provide NDBI cover in the abruptly or metier terminus ( such as the choice of requital trigger, the oscilloscope or mandatary nature of the cover ). The wallpaper besides sets out risk transfer approaches based on different mechanisms for gamble sharing between insurers, reinsurers and governments at national or european degree ( EIOPA, 2020 [ 71 ] ). In February 2021, EIOPA issued a staff wallpaper examining possible approaches to improving the insurability of pandemic business interruption risks, including through prevention measures, risk transfer to capital markets and by establishing a multi-peril solution for systemic risks ( EIOPA, 2021 [ 72 ] ). The European Parliament, in its Report on a New Industrial Strategy for Europe, has called on the european Commission to “ exploit towards the creation of a model involving institutional investors, Member States and the EU, to cover the losses ascribable to business break in subject of a future pandemic ” ( european fantan : Committee on Industry, 2020 [ 73 ] ) .

As noted above, the french Minister of Economy and Finances established a working group in April comprised of representatives from commercial enterprise and policy associations, CCR and members of Parliament mandated to develop a framework for providing policy for especial events, such as a ball-shaped pandemic. The Fédération française de l ’ assurance, a extremity of the working group, has published its proposal for a CATEX ( catastrophes exceptionnelles ) programme to provide coverage for business break losses that result from a decrease in economic action following an extraordinary event ( pandemics, terrorist approach, natural catastrophe, and so forth ). Under the marriage proposal, the coverage could be triggered by a state administrative action that resulted in the closure of businesses in a given geographic region for a stipulate sum of time and would apply to businesses directly affected by the administrative order arsenic well as those indirectly affected as a result of reduce economic natural process outside the specify region. The coverage would be attached to either commercial property or business pause coverage and would be available to SMEs ( TPE and PME in French ). The coverage would provide lump-sum payments ( i.e. without loss alteration ) and would be calibrated to replace gross business disturbance costs net of salaries and profits. The coverage would be funded by a premium paid by SMEs and backed by the government based on the existing regimes for natural catastrophes and terrorism gamble. As noted above, french insurers and reinsurers have indicated that they would provide EUR 2 billion in capacity based on an anticipation that CCR would provide reinsurance for extra amounts ( FFA, 2020 [ 61 ] ). It should be noted that, at the time of compose, the dinner dress marriage proposal of the working group has not been published and that other members of the group are reportedly developing option proposals ( Ladbury, 2020 [ 74 ] ) .

The german Insurance Association ( GDV ) established an adept group from the policy industry to develop likely models to address the economic impacts of pandemics. The GDV published a green Paper in June 2020 proposing the establishment of a legal entity that would collect funds from policyholders ( either directly as risk-based premiums or through a compulsory flat-rate recruit attached to certain policies ) and would make payments to policyholders in the event of a WHO-declared pandemic and/or the announcement of regional epidemic by the relevant german populace authorities. Payments would be made to all businesses ( flat-rate recruit model ) or those that paid premiums for coverage based on the total of capital accumulated by the legal entity ( including as a result of any reinsurance coverage acquired by the entity ) – with the government providing a backstop for losses above the capacity of the legal entity ( GDV, 2020 [ 75 ] ). According to the GDV, representatives of the clientele community have initially indicated that they would prefer a voluntary solution .

Generali Group published a position on pandemic gamble pool in September 2020 that recommends the establishment of a public-private partnership to provide indemnity protection against pandemic-related commercial enterprise break losses for SMEs, harmonised at the European-level. The mechanism would include an initial coverage that would potentially be funded by the insurance sector and could potentially be based on a mix of parametric triggers ( Generali Group, 2020 [ 76 ] ) .

In the United Kingdom, industry representatives have formed working groups to develop solutions to the business break security break for pandemic risk. A put of working groups have been established to develop a marriage proposal to establish Pandemic Re which would create a government-backed reinsurance pool. The inaugural includes broad participation from across the UK insurance sector and intended to submit a proposal to the united kingdom government in deep 2020. In accession, the Lloyd ’ s marketplace has developed and published details on three propose solutions to address versatile elements of the pandemic-related clientele break protective covering gap ( Lloyd ’ south, 2020 [ 77 ] ). The proposals have been published as open-source frameworks for the blueprint of programmes to deal with non-damage business pause ( including pandemics ) in the short-change and longer-term :

  • For the short-run, Lloyd ’ south has proposed the establishment of a ReStart program that would pool capacity within the Lloyd ’ second market to provide business pause coverage for little companies for future potential waves of COVID-19 ( with the possibility to extend the scope of the program to include SMEs more by and large ) .
  • For the medium and longer-term, Lloyd ’ s has proposed the institution of Recover Re which would collect premiums ( under a policy that lasts multiple years ) to be used to make payments to policyholders for non-damage clientele break after an event, including the stream COVID-19 pandemic as well future pandemics or other perils that lead to business pause ( without the physical damage that triggers such coverage in many commercial property policies ). Policyholders would make continuous premium payments over many years to fund a pond that would provide this coverage. The character of government would be to provide a undertake against policyholder premium requital defaults and, potentially, to fund payouts in the initial years before Recover Re accumulates sufficient capital .
  • For the longer-term, Lloyd ’ second has proposed the institution of Black Swan Re, a reinsurance pool backstopped by a politics guarantee that would provide coverage for systemic non-damage business pause losses. Under this proposal, the insurance industry layer would be relatively humble at first but would increase over time ( discipline to loss feel ) .

In the United States, a legislative proposal to establish a federal pandemic gamble reinsurance plan – the “ Pandemic Risk Insurance Act of 2020 ” ( PRIA ) – has been introduced in Congress. The program would operate in a similar way as the Terrorism Risk Insurance Program by providing a federal backstop for occupation pause and event cancellation losses incurred by participating insurers as a leave of a “ covered populace health hand brake ” ( i.e. an event certified as such by the Secretary of Health and Human Services, such as a pandemic or infectious disease outbreak ). Under the draft PRIA legislation, the private sector would take on some fortune of the future pandemic risk. The federal reinsurance would cover 95 % of losses above an individual active insurers ’ deductible once an industry loss doorsill of USD 250 million was achieved – with an overall annual limit of USD 750 billion in annual payouts. The purchase and offering of the federally-reinsured coverage would be voluntary ( Dawson and McCarty, 2020 [ 78 ] ), ( Sclafane, 2020 [ 79 ] ). The legislation has been endorsed by a number of clientele and indemnity associations, including Non-profit New York, the U.S. Travel Association, The National Retail Federation, the american Society of Association Executives, and the Council of Insurance Agents and Brokers ( amongst others ) ( Office of Congresswoman Carolyn Maloney, 2020 [ 80 ] ). A group of US indemnity associations ( american english Property Casualty Insurance Association ( APCIA ), the National Association of Mutual Insurance Companies ( NAMIC ) and the Independent Insurance Agents and Brokers of America ( Big I ) ) have proposed the establishment of a Business Continuity Protection Program that would provide federal recompense for up to 80 % of specific types of operate expenses ( including payroll, employee benefits and other operating expenses ) for up to three months following the declaration of an emergency. Businesses would need to purchase this protective covering in advance and would need to certify that : ( a ) the proceeds of the compensation will be used to retain employees and pay necessity operational expenses ; and ( bel ) that the business will implement all applicable federal guidance on health and safety measures during the health emergency. The protection could be acquired by any business incorporated in the United States on a voluntary basis. The private sector would not take on any of the future pandemic risk, and it would be wholly backstopped by the U.S. federal government ( NAMIC, APCIA and Big I, 2020 [ 70 ] ), ( Hatler, Mihocik and Roman, 2020 [ 81 ] ). A “ Pandemic Reinsurance Corporation ” proposal has besides been reported in the media although it does not appear to have been formally proposed as legislation. Under this marriage proposal, reinsurance coverage would be made available for both little and large businesses although with little businesses receiving payouts based on a standard convention and large businesses receiving payouts calculated on an indemnity basis. The coverage would automatically be included in little business insurance policies ( business owner policies or workers compensation policies ) although large businesses would need to specifically acquire the coverage. The insurance industry would be responsible for approximately USD 15 billion of losses faced by humble businesses and a similar sum for large businesses after a few years ( Sclafane, 2020 [ 82 ] ). In early July, a large US property and casualty insurance company ( Chubb ) released a proposal for establishing a Pandemic Business Interruption Program involving facilities for small companies and for medium and large companies. For little businesses, the program would provide a fasten payment based on a multiple of payroll costs in the event of a government-declared pandemic and lockdown with a first layer of losses ( beyond a deductible and up to USD 250 billion ) co-insured by indemnity companies and government ( with the diligence partake increasing over time ) and an excess layer of USD 500 billion funded by government. Policyholders would alone be required to pay agio to cover the industry share of losses which would reduce the price of this indemnity. Companies would be required to opt-out of purchasing this coverage and, in doing thus, would confirm that they will not have access to occupation break coverage or federal aid programmes in the event of a pandemic. For metier and big companies, business pause coverage could be acquired on a voluntary footing from private insurers who would cede a proportion of the risk ( and premium ) to a government reinsurer ( Pandemic Re ). coverage would be limited to USD 50 million per policy and the industry retentiveness would be limited to USD 15 billion initially and increasing over fourth dimension ( Chubb, 2020 [ 83 ] ). In December 2020, Zurich North America released a draft concept for providing fiscal protection against future pandemics. The proposed approach path would provide business interruption coverage to businesses for essential expenses ( up to 80 % of expenses for three months, capped at USD 20 million per month ) with a deductible ( waiting period ) chosen by the policyholder and reduce agio rates for smaller businesses. Insurers would be required to offer this coverage but can choose to cede 90 %, 95 % or 100 % of the risk to government-backed reinsurance pools. The coverage would be triggered in the event of federal hand brake disaster declaration, union catastrophe declaration for the relevant submit and a occupation shut down declaration made at the express level ( Zurich ( North America ), 2020 [ 84 ] ). A coalition of US businesses ( Business Continuity Coalition ( BCC ) ) has besides been established to advocate for an insurance coverage for future pandemic-related losses. The BCC is recommending the administration of a pandemic hazard indemnity program that would support the handiness of low-cost non-damage business interruption coverage adenine good as react to emerging insurance coverage gaps in other lines of clientele such as consequence cancellation, workers compensation and general and employment practices indebtedness. The coverage would be distributed by the policy sector and available to businesses of all sizes with subsidized premium rates. Payments would be made on a parametric basis triggered by national health declaration and business closing orders made at the state-level. The program would encourage insurers to assume some part of the risk and make manipulation of international reinsurance and capital markets to assume some of the hazard taken by government ( Business Continuity Coalition, 2020 [ 85 ] ). postpone 1 provides a comparison of some of the park design features across the versatile proposals. Box.6 .The scope for international cooperation The oscilloscope for international cooperation COVID-19 has become a sincerely ball-shaped consequence that has created similar challenges for the policy and reinsurance sector ( and for policyholders ) in about every area around the world. Responding to these challenges will require a global answer. There is a meaning opportunity for countries to share lessons and experience from both existing calamity risk insurance programmes american samoa well as from the analyses and examinations that are being invested in developing a reception to COVID-19. There may besides be opportunities to examine the electric potential benefits of risk-sharing arrangements across countries for the extreme events. For model, in the case of nuclear indemnity, a number of national nuclear insurance pools have entered into reinsurance arrangements with other national nuclear policy pools with the aim of ensuring sufficient overall capacity to address the losses from a major consequence ( Nuclear Pools, n.d. [ 86 ] ). ultimately, international cooperation can support a response that meets the policy objectives of governments and the fiscal needs of businesses and their insurers.

board 1 .Overview of selected pandemic risk insurance programme proposals overview of selected pandemic risk insurance program proposals
proposal distribution type of coverage Perils eligible policyholders coverage trigger Government interest
EIOPA ( Europe ) policy sector ( bundled with other coverage ) Non-damage business pause ( potentially parametric ) Pandemic SMEs ( potentially ) not specified National government ( third base risk layer ) Europe ( fourth risk layer )
CATEX ( Federation française des assureurs ) policy sector ( attached to commercial place or business interruption policies ) commercial enterprise break ( resilience capital ) extraordinary events ( cyber, terrorism, pandemic, etc. ) No limitation Health emergency announcement and closure club reinsurance provided by public reinsurer ( CCR )
GDV ( Germany ) insurance sector ( levy or policy extension ) business interruption Pandemic ( or epidemic ) No restriction WHO/German authority declaration Government retrocession/guarantee ( highest level )
ReStart ( Lloyd ’ sulfur ) insurance sector commercial enterprise interruption COVID-19 little companies ( potentially all SMEs ) evidence of health emergency and gross worsen No prerequisite for government backstop
Recover Re ( Lloyd ’ second ) policy sector ( stand-alone, multi-year policy ) Non-damage clientele break Pandemic and early perils No restriction attest of health emergency and tax income refuse Government guarantee against default option on future agio payments
Black Swan Re ( Lloyd ’ s ) insurance sector Non-damage commercial enterprise interruption ( systemic consequence ) Systemic hazard perils No restriction not specified Government backstop for reinsurance pond
Pandemic Risk Insurance Act ( United States ) indemnity sector business break and event cancellation Pandemic and infectious disease outbreaks No restriction certification by Secretary of Health and Human Services 5 % industry retention and 5 % industry co-insurance above retention
Business Continuity Protection Program ( APCIA, NAMIC, Big I – United States ) ) insurance sector ( stand-alone policy ) business pause Pandemic No restriction ( although coverage amounts are smaller for larger companies ) Health emergency declaration and closure regulate Government would pay all claims
Pandemic Business Interruption Program ( Chubb – United States ) indemnity sector business break Pandemic SME broadcast and larger company program Pandemic resolution and closing order 6 % retentiveness up to USD 15 billion ( SME broadcast ) 5 % memory up to USD 15 billion ( larger companies ) diligence partake to increase over time
Draft concept for facilitating pandemic protection ( Zurich North America – United States ) indemnity sector business break Pandemic No restriction Health emergency declaration and closure order Government reinsurance pools that would assume 90 %, 95 % or 100 % of risk ( cedant chooses cession level )
business Continuity Coalition ( United States ) indemnity sector business break and event cancellation Pandemic No limitation Health hand brake resolution and blockage order Government reinsurance for 95 % of losses ( first event ) and 90 % of losses ( second event )

In a number of countries, indemnity programmes or pools have been established, normally with the subscribe of the public sector, to provide policy coverage for certain risks and/or for certain segments of the population. 12 In many cases, these programmes have been established to provide low-cost indemnity coverage for risks that have been deemed uninsurable through individual indemnity markets – although in others, the programmes have been established in order to promote solidarity in terms of loss-sharing across regions. Since 2000, approximately 40 % of all economic losses due to flood, storms and earthquakes in OECD countries have been incurred in countries ( or regions ) covered by catastrophe risk insurance programmes. 13

Some of these programmes have a broad telescope, covering multiple perils and lines of insurance. For example, the Consorcio de Compensación de Seguros ( CCS ) in Spain provides policy coverage for residential and commercial property, motive vehicles a well accident and nausea against a broad crop of both natural and man-made perils. Others are focused on specific ( bad ) perils ( e.g. earthquake in Japan or wind in the US express of Florida ), specific lines of business ( e.g. residential place for natural hazards or commercial property in the case of terrorism ) or even a particular exposed segment ( e.g. residential property at bad of flood in the United Kingdom ) .

There is a broad range of approaches to providing program coverage. Some programmes offer direct ( primary ) policy while others provide a reinsurance coverage. Many of the terrorism indemnity programmes ( and some natural catastrophe policy programmes ) are organised as co-insurance pools that jointly access reinsurance and ( in some cases ) a government backstop. The US Terrorism Risk Insurance Program is a federal catcher administered as a co-insurance arrangement that shares losses between the politics and insurance companies at a defined ratio once losses exceed a specific threshold. table A.1 provides an overview of the types of policy programmes for catastrophe risk that have been established in OECD and a few non-OECD countries and territories.

TableA.1 .Catastrophe risk insurance programmes catastrophe gamble insurance programmes
Programme Risks covered Type of insurance Public sector involvement
Australia australian Reinsurance Pool Corporation ( ARPC ) terrorism reinsurance ARPC is a government enterprise Backstop for losses above ARPC capacity and up to AUD 10 billion
Austria Österreichischer Versicherungspool zur Deckung von Terrorrisiken ( OVDT ) terrorism Co-insurance/ reinsurance none
belgium terrorism Reinsurance and Insurance Pool terrorism Co-insurance/ reinsurance Backstop for losses above TRIP capacity and up to EUR 300 million
denmark danish Storm Council Storm rush and inland flood tide steer insurance The Storm Council is a public entity that provides compensation for damages funded by a tax on fire policy policies .
danish Terrorism Insurance Pool for Non-Life Insurance ( TIPNLI ) terrorism ( NBCR ) direct insurance coverage provided for up to DKK 15 billion
France Caisse centrale de réassurance ( CCR ) Flood, earthquake, tsunami, landslide, mudslide, avalanche, settling and cyclonic winds ; terrorism reinsurance CCR is a government entity backed by an inexhaustible government guarantee
Gestion de l’Assurance et de la Réassurance des risques Attentats et actes de Terrorisme ( GAREAT ) terrorism Co-insurance/ reinsurance GAREAT ’ s reinsurance coverage is provided by secret reinsurers and CCR ( government entity )
Germany Extremus terrorism direct indemnity Backstop for losses above Extremus capacity and up to EUR 6.48 billion
iceland Natural Catastrophe Insurance of Iceland ( NTI ) volcanic eruptions, earthquakes, landslides, avalanches, deluge direct insurance NTI is a government entity backed by an outright government guarantee
Japan Japan Earthquake Reinsurance ( JER ) earthquake, volcanic eruptions, tsunami reinsurance Losses above a certain doorsill are shared by the politics and diligence
Netherlands Nederlandse Herverzekeringsmaatschappij voor Terrorismeschaden ( NHT ) terrorism reinsurance Backstop for losses above NHT capacity and up to EUR 50 million
New Zealand Earthquake Commission ( EQC ) earthquake, volcanic eruptions, tsunami, landslides, storm/flood ( for land merely ) direct insurance EQC is a government entity backed by an outright government guarantee
norway Norsk Naturskadepool Flood, storm, landslide, avalanche, volcanic bang, earthquake Co-insurance Established by legislation
Spain Consorcio de Compensación de Seguros Flood, earthquake, tsunami, volcanic eruption, windstorm, terrorism address insurance CCS is a government entity backed by an unlimited politics undertake ( although self-financed with its own capital and reserves )
Switzerland Kantonalen Gebäudeversicherungen ( 19 cantons ) ( e.g. Neuchâtel ) 1 Flood, cyclone, hail, avalanche, landslide ( ampere well as fire ) direct policy Established by legislation
Interkantonale Rückversicherungsverband ( IRV ) Flood, cyclone, hail, avalanche, landslide ( ampere well as ardor ) reinsurance for cantonal insurers Established by legislation
Schweizerische Pool für Erdbebendeckung earthquake calculate insurance ( compensation ) none
Schweizerischer Elementarschadenpool of the individual indemnity sector Flood, cyclone, hail, avalanche, landslide Co-insurance none
turkey turkish Catastrophe Insurance Pool ( TCIP ) earthquake, tsunami, landslide ( and early perils triggered by earthquake ) direct insurance TCIP has access to EUR 250 million in reinsurance provided by the politics .
United Kingdom Flood Re flood reinsurance Established by legislation
Pool Re terrorism reinsurance Backstop for losses above Pool Re capacity ( not sure if maximum )
United States National Flood Insurance Program ( NFIP ) flood direct insurance and risk management program NFIP is administered by the Federal Emergency Management Agency ( a government means ) The NFIP collects premiums and has the authority to borrow from the US Treasury. NFIP has transferred part of its risk to private reinsurance companies and capital commercialize investors
terrorism Risk Insurance Program terrorism Co-insurance federal government backstop through co-insurance for losses above industry passing of USD 200 million with cap on overall losses of USD 100 billion per annum
California Earthquake Authority earthquake direct indemnity Established by legislation
Citizens Property Insurance Corporation ( Florida ) 2 Storm ( hoist ) direct policy Citizens is a state of matter government entity
Florida Hurricane Catastrophe Fund ( FHCF ) Storm ( wind ) Reinsurance ( reimbursement ) Established by legislation and administered by a government agency
China China Residential Earthquake Insurance Pool ( CREIP ) earthquake direct indemnity ( co-insurance consortium ) The co-insurance pool is reinsured by a state-owned reinsurer
India indian Market Terrorism Risk Insurance Pool terrorism Co-insurance/ reinsurance The co-insurance pool is reinsured by a state-owned reinsurer
romania Pool-ul de Asigurare împotriva Dezastrelor Naturale ( PAID ) earthquake, flood, landslide address indemnity government is lender of last recourse for losses beyond PAID ’ s fiscal capacity
russian confederation russian Anti-Terrorism Insurance Pool terrorism ( and SRCC ) Co-insurance/ reinsurance none
aid for damaged and lost dwellings with precedence of insurance indemnity fire, flood and other natural disasters Co-insurance/ reinsurance Losses are shared by the government and industry
South Africa Sasria terrorism ( and SRCC ) direct policy SASRIA is a government entity although is not backstopped by an denotative guarantee
chinese Taipei Taiwan Residential Earthquake Insurance Fund ( TREIF ) earthquake, tsunami, landslide ( and other perils triggered by earthquake ) reinsurance TREIF may seek access to government collateral to support fund for losses beyond TREIF ’ s fiscal capability

The different approaches lead to different outcomes in terms of : ( one ) achieving a across-the-board horizontal surface of coverage for catastrophe perils ( or the specific endanger targeted ) ; ( two ) improving the affordability of coverage for target perils ; ( three ) maximising the role of secret markets ; and ( four ) providing incentives for gamble decrease. The following section provides a brief discussion of good practices for achieving these outcomes .

An obvious index of a calamity risk indemnity program ’ sulfur achiever is the extent to which the interposition achieves broad coverage for the target riskiness ( mho ), whether through the program directly or in combination with coverage provided by the private indemnity market. To achieve this, a number of countries levy requirements such as :

  • Policyholders are required to purchase coverage for the targeted perils ( e.g. Iceland, some swiss cantons, Belgium for terrorism in some lines of occupation ) ;
  • Insurance companies are required to include coverage mechanically ( e.g. France, Spain, Australia for terrorism 14 ) or make coverage available ( e.g. Japan and California for earthquake, United States for terrorism ) ; or
  • Lenders are required to ensure that their borrowers are properly insured ( e.g. United States for flood in intend bad flood tide zones ) .

In general, the share of losses insured tends to be higher where the buy of indemnity is mandate or where standard property policies are mechanically extended to include coverage for the target endanger ( sulfur ) ( New Zealand and Chinese Taipei in the case of earthquakes, France, Norway, Spain and Switzerland for the broader set of perils ) 15 ( see Figure A A.1 ).

figure A A.1 .Insured share of losses for perils covered by catastrophe risk insurance programmes Insured contribution of losses for perils covered by catastrophe risk insurance programmesFigure A A.1. Insured share of losses for perils covered by catastrophe risk insurance programmes note : For the purposes of this calculation, catastrophe risk policy programmes include Denmark ( storm ), France ( storm, flood, earthquake ), Iceland ( storm, flood, earthquake ), Japan ( earthquake ), New Zealand ( earthquake ), Norway ( storm, flood, earthquake ), Romania ( ramp, flood, earthquake ), Spain ( storm, flood, earthquake ), taiwanese Taipei ( earthquake ) and Turkey ( earthquake ) vitamin a well as Switzerland ( flood and storm, depending on the guangzhou that was chiefly impacted ) and the United States ( deluge, earthquake ( California ), and ramp ( if the independent impacts occurred in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina or Texas ) ). It should be noted that in France and Spain, lone some storm events are covered by the catastrophe gamble indemnity program as these programmes include a weave speed doorsill. informant : OECD calculations based on ( swiss Re sigma, 2019 [ 92 ] ) .

By pooling a large share of a area ’ s vulnerability to a given risk ( or set of perils ), a catastrophe risk indemnity program might be able to achieve a lower aggregate cost of coverage than person insurers could achieve on their own .

A single consortium providing coverage for all of a area ’ s building stock, for example, would create a more diversified portfolio of risks than any policy caller could achieve on its own ( without a 100 % market share ). 16 An indemnity caller ( or consortium ) with a higher level of hazard diversification will have lower economic and ( often regulative ) capital needs ( other things peer ) and can therefore offer lower pricing .

besides, the cost of reinsurance tends to decline as the charge of diversification increases so the cost to reinsure a single ( diversify ) pool of risks should be lower than the aggregate cost of reinsuring multiple ( less diversified ) pools of risks – which besides should contribute to lower pricing for the policyholder .

An assessment of the measure of capital required to protect against a 1-in-100 hurricane affecting eight US states was found to be 45 % less ( USD 71 billion rather of USD 130 billion ) if the states pooled their risks preferably than covering the risk independently ( Dumm, Johnson and Watson, 2015 [ 93 ] ). The impingement of a calamity risk indemnity program on improving affordability will be greatest where the broadcast is able to establish a highly diversify pool of risks .

An important objective of catastrophe risk insurance programmes should be to limit the exposure of the public sector to losses from the targeted riskiness – potentially by maximising the contribution of secret markets to providing coverage. The calamity gamble insurance programmes that have been established for respective perils aim to achieve this objective through a variety of approaches .

Some programmes that provide government-backed direct insurance limit public sector exposure by placing ceilings on the measure of coverage available ( New Zealand, Romania, Chinese Taipei, Turkey, United States ( flood ) – Japan ’ s Basic Earthquake Insurance policy is besides limited although the government-backed coverage is provided through reinsurance ). In some of these cases, coverage is limited to an come that is importantly below the kernel insured under the standard property insurance policy which limits the government ’ s potential exposure. In a few countries ( e.g. New Zealand ), the individual market has developed coverage for amounts above the limits imposed by the catastrophe risk insurance plan although in most countries, losses above the basic coverage are frequently uninsured ( see Figure A A.1 ) .

Programmes can besides be made available only to policyholders who are not adequately served by the private market. The insurance coverage for terrorism provided by Extremus in Germany ( which benefits from a government backstop ) is entirely available as an endorsement for policies with sums insured above EUR 25 million as the grocery store is able to provide coverage against terrorism for smaller coverage levels. Some US states have residual market mechanisms that act as insurers of last repair and will only accept policyholders that can demonstrate that they could not access coverage at a fair monetary value in the private grocery store .

many programmes provide government-backed coverage as reinsurance ( or as a catcher through co-insurance in the United States for terrorism ) which normally means that, through the use of retentiveness requirements, mastermind insurers will absorb most or all losses for smaller-scale events and merely gamey loss events above the brink would be covered by the course of study. Some countries adjust the level of direct insurance company retentiveness over clock, either based on specific measures of the capacitance of the secret market ( e.g. Japan for earthquake ) or with the target of increasing the private market ’ s parcel of risk over time ( Australia, United Kingdom, United States for terrorism, see Box A A.1 ). In the United States, the trip for Terrorism Risk Insurance Act backstop is set at a level where lead insurers will frequently seek individual reinsurance to cover losses below the program trigger. many of the catastrophe risk reinsurance programmes make reinsurance available but do not require direct insurers to make function of that reinsurance capacity ( Australia, United States for terrorism, United Kingdom for terrorism and flood, France for natural catastrophe risk and for terrorism risk coverage for smaller companies ) which allows direct insurers to retain the hazard if they have sufficient capacity or transfer the risk to individual market reinsurers .

Most catastrophe risk insurance programmes make use of individual market reinsurance ( for programmes that provide direct indemnity coverage ) or retrocession ( for programmes that provide reinsurance coverage ). many of the terrorism ( re ) policy program operate as co-insurance pools that jointly access reinsurance coverage from secret reinsurance markets ( Austria, Belgium, France, India, Russian Federation ) while programmes providing reinsurance tend to entree secret retrocession markets to increase their claims-paying capacity for large ( infrequent ) events ( Australia and United Kingdom for terrorism, Turkey for earthquake ). Japan Earthquake Reinsurance retrocedes a part of its exposure back to directly insurers. As notice above, the pool of gamble anterior to transferring that hazard to the marketplace can have cost-saving benefits. Box A A.1 .Increasing the sharing of terrorism risk with private markets: Australia, United Kingdom and United States Increasing the share of terrorism gamble with private markets : Australia, United Kingdom and United States In Australia, the United Kingdom and the United States, a act of changes have been made to terrorism ( re ) insurance programmes in holy order to increase the partake of risk retained by ( or transferred to ) private ( ra ) indemnity markets :

  • In Australia, deductibles ( retentions ) are established ( per consequence ) as a contribution of burn policy premiums and subject to both a company minimum and utmost deductible and an industry-wide maximal deductible. Since 2007, the company-specific deductible has been increased to 5 % of the party ’ sulfur fire indemnity premium ( from 4 % ) and a minimum deductible of AUD 100 000 has been implemented. utmost company and industry-wide deductibles have been increased from AUD 10 million to AUD 12.5 million and from AUD 100 million to AUD 200 million, respectively. ARPC has besides developed a retrocession plan to increase its capacity to absorb losses before calling on the government guarantee .
  • In the United Kingdom, a per consequence industry deductible is applied and has been increased from GBP 100 million to GBP 150 million. Pool Re has besides transferred a significant amount of risk to retrocession markets in late years .
  • In the United States, the co-insurance provided under the Terrorism Risk Insurance Act is entirely available for events that lead to industry losses above USD 200 million ( an increase from USD 100 million in 2015 ). individual company deductibles have increased from 15 % of TRIA-eligible premiums to 20 % ( i.e. premiums written in lines of business that are eligible for coverage under the Act ) while the industry share of losses once the program is triggered has increased from 15 % to 20 % .

These changes have led to a meaning increase in the share of losses that would be covered by private indemnity companies and a corresponding reduction in government exposure. For model, based on an estimate of the losses incurred after the September 11th terrorist attacks and a simplified application of the program triggers and thresholds in place in 2017, the total of losses that would not be covered by the programmes ( and left to be absorbed by policyholders or the state ) would decline by approximately USD 4 billion in Australia, USD 2.7 billion in the United Kingdom and USD 800 million in the United States ( see Figure A A.2 ).

human body A A.2 .Estimated impact of terrorism (re)insurance programme changes on loss distribution Estimated shock of terrorism ( re ) policy program changes on loss distributionFigure A A.2. Estimated impact of terrorism (re)insurance programme changes on loss distribution eminence : The distribution of losses was estimated based on cover loss estimates provided in ( swiss Re sigma, 2019 [ 92 ] ) and the terms of coverage of each terrorism indemnity program in 2017 and 2007 ( or 2014 in the case of the United Kingdom ). A act of simplifying assumptions were made, including : ( one ) that all reported losses fell within the setting of coverage of the programmes ; and ( two ) related to the market share of different primary insurers ( required for the calculation of applicable deductibles in Australia, United Kingdom and United States – simplified with the assumption that only the 6 largest providers of commercial insurance faced losses ). source : OECD calculations

Another way to limit government exposure to losses for perils targeted by calamity risk policy programmes is to establish a ceiling on the sum of losses that the government will absorb. Most programmes that apply a ceiling will force losses above the ceiling to be absorbed by policyholders on a pro rata basis ( Australia, Netherlands and United States for terrorism ). Some programmes besides reduce the ultimate public exposure by allowing or requiring policy companies to repay the politics for any amounts paid .

indemnity will make a greater contribution to managing catastrophe risks if the procedure of transferring these risks supports risk management. insurance can play an important character in improving hazard management by supporting risk assessment/understanding and encouraging hazard reduction .

The ( ra ) policy sector has developed a solid capacity for modelling the fiscal consequences of catastrophe risks, whether natural or man-made. This model capacity has broader ( if underutilised ) applications to early aspects of risk management, including for informing land-use planning and build code development adenine well as in decisions on investing in geomorphologic extenuation infrastructure. The need for private sector ( re ) insurers to accurately price and provision for the happening of catastrophe events has driven the exploitation of the model industry which means that model handiness and sophism is generally highest where private ( re ) insurers play a boastfully function in providing coverage for calamity perils. Programmes that maximise the function of private policy markets are consequently more probable to support the growth of a model industry and its derivative instrument benefits. 17

Pricing for policy ( or reinsurance ) coverage that varies by level of risk should provide an incentive for policyholders ( or insurers ) to invest in risk reduction ( or ensure cover discipline ) in decree to lower the monetary value of that coverage. While a numeral of calamity hazard indemnity programmes have implemented price that varies by hazard zone or build up type – none have implemented an approach to pricing their policy, reinsurance or co-insurance coverage that provide significant incentives for reducing risk. Implementing variable price ( and particularly, bounty reductions for risk extenuation measures ) is a challenge for many types of perils ( and potentially impossible for some ) although advances in modelling will continue to support the ability of these programmes to price their coverage based on more chondritic assessments of risk .

Some programmes include particular risk decrease requirements as part of course of study design – which is particularly relevant in countries where significant gamble management decisions are made at different levels of government. For exemplar, the US National Flood Insurance Programme is only made available in communities that have agreed to implement certain floodplain management techniques. In France, deductibles are increased for properties that face repetitive losses if the municipality has not implemented a gamble decrease design. In the United Kingdom, the reinsurance coverage made available through Flood Re is lone available for properties constructed after 2009 which is meant to ensure that new developments only occur in areas where insurers are willing to provide coverage without Flood Re back .

References

[ 13 ] ACPR ( 2020 ), Garantie « pertes d ’ exploitation » : lambert ’ état des lieux de l ’ ACPR, Autorité de contrôle prudentiel et de résolution, hypertext transfer protocol : //acpr.banque-france.fr/communications-de-lacpr-dans-le-contexte-de-la-pandemie-covid-19 ( accessed on 3 July 2020 ). [ 28 ] ACPR ( 2020 ), Les incertitudes sur fifty ’ ampleur des impacts de la crise imposent une gestion prudente des fonds propres des assureurs, Banque de France, hypertext transfer protocol : //acpr.banque-france.fr/communique-de-presse/les-incertitudes-sur-lampleur-des-impacts-de-la-crise-imposent-une-gestion-prudente-des-fonds ( accessed on 11 May 2020 ). [ 32 ] Anthony, G., M. Harunah and N. Somi ( 2020 ), FCA warns insurers to act fairly when paying little business COVID-19 relate claims, UK Finance Disputes and Regulatory Investigations Blog, hypertext transfer protocol : //www.finance-disputes.co.uk/2020/08/fca-warns-insurers-to-act-fairly-when-paying-small-business-covid-19-related-claims/ # page=1 ( accessed on 2 September 2020 ). [ 62 ] APCIA ( 2020 ), APCIA : Insurance Perspective on COVID-19, American Property Casualty Insurance Association, hypertext transfer protocol : //www.pciaa.net/pciwebsite/cms/content/viewpage ? sitePageId=59762 ( accessed on 20 April 2020 ). [ 7 ] australian Bureau of Statistics ( n.d. ), Revenue impacts of COVID-19, Business Indicators, Business Impacts of COVID-19 ( May 2020 ), hypertext transfer protocol : //www.abs.gov.au/statistics/economy/business-indicators/business-indicators-business-impacts-covid-19/may-2020 ( accessed on 9 November 2020 ). [ 29 ] Baker, T. ( 2021 ), Covid Coverage Litigation Tracker, Insurance Law Analytics, University of Pennsylvania, hypertext transfer protocol : //cclt.law.upenn.edu ( accessed on 3 March 2021 ). [ 10 ] Barlow, C. ( 2020 ), “ Coronavirus spurs ISO to provide business interruption endorsement ”, PropertyCasualty360, hypertext transfer protocol : //www.propertycasualty360.com/2020/02/10/iso-provides-business-interruption-endorsement-in-response-to-coronavirus-414-171888/ ( accessed on 21 April 2020 ). [ 16 ] Bayerisches Staatsministerium für Wirtschaft, L. ( 2020 ), Aiwanger : “ Tragfähige und vernünftige Lösung bei Betriebsschließungsversicherungen ” : Wirtschaftsministerium Bayern, Bayerisches Staatsministerium für Wirtschaft, Landesentwicklung und Energie, hypertext transfer protocol : //www.stmwi.bayern.de/presse/pressemeldungen/pressemeldung/pm/43349/ ( accessed on 4 May 2020 ). [ 100 ] Best, A., T. Dawson and D. McCarty ( 2020 ), Proposed Federal Pandemic Risk Reinsurance Program : What We Know so Far, McDermott Will & Emery, hypertext transfer protocol : //www.mwe.com/de/insights/proposed-federal-pandemic-risk-reinsurance-program-what-we-know-so-far-covid/ ( accessed on 21 April 2020 ). [ 85 ] Business Continuity Coalition ( 2020 ), Statement of the Business Continuity Coalition to United States Senate Committee on Commerce, Science, & Transportation Subcommittee on Manufacturing, Trade, and Consumer Protection ( Hearing on “ Examining the impact of COVID-19 on the Live Event Entertainment Industry ” ), hypertext transfer protocol : //download- files.wixmp.com/ugd/d2e71d_1434ddcabf6b4f459786ca68844237b1.pdf ? token=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpc3MiOiJ1cm46YXBwOmU2NjYzMGU3MTRmMDQ5MGFhZWExZjE0OWIzYjY5ZTMyIiwic3ViIjoidXJuOmFwcDplNjY2MzBlNzE0ZjA0OTBhYWVhMWYxNDliM2I2OWUzMiIsImF1ZCI6WyJ1cm46c2VydmljZTpmaWxlLmRvd25sb2FkIl0sImlhdCI6MTYxNTQ4MTg3MSwiZXhwIjoxNjE1NTE3ODgxLCJqdGkiOiIzOWJmZmQzNWMxNGEiLCJvYmoiOltbeyJwYXRoIjoiL3VnZC9kMmU3MWRfMTQzNGRkY2FiZjZiNGY0NTk3ODZjYTY4ODQ0MjM3YjEucGRmIn1dXX0.7nGSzBi9DjzYeOxLD_gER1UZIxmu ( accessed on 11 March 2021 ). [ 42 ] Carrigy, C. and J. Grogan ( 2020 ), Central Bank of Ireland Publishes Supervisory Framework for COVID-19-related Business Interruption Insurance Claims, William Fry, hypertext transfer protocol : //www.williamfry.com/newsandinsights/publications-article/2020/08/06/central-bank-of-ireland-publishes-supervisory-framework-for-covid-19-related-business-interruption-insurance-claims ( accessed on 2 September 2020 ). [ 6 ] Chetty, R. et aluminum. ( 2020 ), Percent Change in Small Business Revenue, Opportunity Insights Economic Tracker, hypertext transfer protocol : //tracktherecovery.org/ ( accessed on 9 November 2020 ). [ 83 ] Chubb ( 2020 ), Business Interruption Program for Pandemic-related Losses, Chubb, hypertext transfer protocol : //www.chubb.com/us-en/about-chubb/pandemic-business-interruption-program.aspx ( accessed on 10 July 2020 ). [ 68 ] Collins, S. ( 2020 ), “ Exclusions loom as D & O renewals impacted by pandemic ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/exclusions-loom-as-do-renewals-impacted-by-covid-19/ ( accessed on 21 April 2020 ). [ 47 ] Collins, S. ( 2020 ), “ ICA considers options after australian insurers lose BI test sheath ”, Insurance Day. [ 9 ] Collins, S. ( 2020 ), “ Insurers leery of meeting growing requirement for specialist pandemic cover ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/insurers-wary-meeting-growing-demand-specialist-pandemic-cover/ ( accessed on 21 April 2020 ). [ 56 ] Collins, S. and B. Norris ( 2020 ), “ Rims supports moves to create pandemic indemnity pools ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/rims-supports-moves-create-pandemic-insurance-pools/ ( accessed on 21 April 2020 ). [ 30 ] Covington ( 2020 ), Developments in Coronavirus Coverage Litigation and Legislation, Covington & Burling LLP, hypertext transfer protocol : //www.cov.com/en/news-and-insights/insights/2020/08/developments-in-coronavirus-coverage-litigation-and-legislation ( accessed on 2 September 2020 ). [ 78 ] Dawson, T. and D. McCarty ( 2020 ), Federal Pandemic Risk Reinsurance Program : Updated Discussion Draft of Proposed Legislation, McDermott Will & Emery, hypertext transfer protocol : //www.mwe.com/insights/federal-pandemic-risk-reinsurance-program-updated-discussion-draft-proposed-legislation-covid/ ( accessed on 7 June 2020 ). [ 58 ] Direction générale du Trésor ( 2020 ), Installation d ’ united nations groupe de travail sur le développement vitamin d ’ une couverture assurantielle des événements exceptionnels, Ministère de l ’ Économie et des Finances, hypertext transfer protocol : //www.tresor.economie.gouv.fr/Articles/2020/04/22/covid-19-installation-d-un-groupe-de-travail-sur-le-developpement-d-une-couverture-assurantielle-des-evenements-exceptionnels ( accessed on 27 April 2020 ). [ 35 ] Dörig, M. and A. Bösch ( 2020 ), Are the effects of the COVID-19 pandemic insured ? Ombudsman commissions legal adept ’ s opinion, International Law Office, hypertext transfer protocol : //www.internationallawoffice.com/Newsletters/Insurance/Switzerland/Badertscher-Attorneys-at-Law/Are-the-effects-of-the-COVID-19-pandemic-insured-Ombudsman-commissions-legal-experts-opinion ? utm_source=ILO+Newsletter & utm_medium=email & utm_content=Newsl ( accessed on 30 June 2020 ). [ 48 ] Dowding, T. ( 2020 ), “ australian insurers to bolster solvency positions following BI test case ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/australian-insurers-to-bolster-solvency-positions-following-bi-test-case/ ( accessed on 10 March 2021 ). [ 93 ] Dumm, R., M. Johnson and C. Watson ( 2015 ), “ An examen of the geographic collection of catastrophic risk ”, Geneva Papers on Risk and Insurance : Issues and Practice, Vol. 40/1, pp. 159-177, hypertext transfer protocol : //dx.doi.org/ 10.1057/gpp.2014.20. [ 72 ] EIOPA ( 2021 ), EIOPA staff paper on measures to improve the insurability of business pause risk in light up of pandemics, european Insurance and Occupational Pensions Authority, hypertext transfer protocol : //www.eiopa.europa.eu/content/eiopa-staff-paper-measures-improve-insurability-of-business-interruption-risk-light-of_en ( accessed on 10 March 2021 ). [ 60 ] EIOPA ( 2020 ), EU has key function in pandemic indemnity : consultation with Gabriel Bernardino, Chairman of EIOPA, conducted by Hannah Brenton, Politico, european Insurance and Occupational Pensions Authority, hypertext transfer protocol : //www.eiopa.europa.eu/content/eu-has-key-role-pandemic-insurance_en ( accessed on 10 July 2020 ). [ 71 ] EIOPA ( 2020 ), Issues Paper on resilience solutions for pandemics, european Insurance and Occupational Pensions Authority, hypertext transfer protocol : //www.eiopa.europa.eu/content/issues-paper-resilience-solutions-pandemics_en ( accessed on 2 September 2020 ). [ 73 ] european fantan : Committee on Industry, R. ( 2020 ), Report on a New Industrial Strategy for Europe ( A9-0197/2020 ), european Parliament. [ 34 ] FCA ( 2021 ), Business Interruption ( BI ) Insurance ( Dear CEO letter ), hypertext transfer protocol : //www.fca.org.uk/publication/correspondence/dear-ceo-letter-business-interruption-insurance-january-2021.pdf ( accessed on 10 March 2021 ). [ 31 ] FCA ( 2020 ), FCA seeks legal clarity on business pause policy aboard box of measures to help consumers and small businesses, Financial Conduct Authority, hypertext transfer protocol : //www.fca.org.uk/news/press-releases/fca-seeks-legal-clarity-business-interruption-insurance ( accessed on 4 May 2020 ). [ 51 ] FCA ( 2020 ), FCA seeks legal clarity on business pause policy aboard package of measures to help consumers and small businesses, Financial Conduct Authority, hypertext transfer protocol : //www.fca.org.uk/news/press-releases/fca-seeks-legal-clarity-business-interruption-insurance ( accessed on 11 May 2020 ). [ 69 ] FERMA ( 2020 ), FERMA calls for EU Resilience Framework for Catastrophic Risks, Federation of European Risk Management Associations, hypertext transfer protocol : //www.ferma.eu/ferma-calls-for-eu-resilience-framework-for-catastrophic-risks/ ( accessed on 8 June 2020 ). [ 18 ] FFA ( 2020 ), 3,2 milliards five hundred ’ euros de mesures exceptionnelles pour faire boldness à la crise du COVID-19, | Fédération Française de l ’ Assurance, hypertext transfer protocol : //www.ffa-assurance.fr/actualites/32-milliards-euros-de-mesures-exceptionnelles-pour-faire-face-la-crise-du-covid-19 ( accessed on 21 April 2020 ). [ 61 ] FFA ( 2020 ), La Fédération Française de l ’ Assurance présente sa contribution au débat sur la création five hundred ’ united nations régime de catastrophes exceptionnelles : lupus erythematosus dispositif CATEX, Fédération Française de l ’ Assurance, hypertext transfer protocol : //www.ffa-assurance.fr/actualites/la-federation-francaise-de-assurance-presente-sa-contribution-au-debat-sur-la-creation-un ( accessed on 8 July 2020 ). [ 24 ] Foggan, L., M. Sabino and A. Sutta ( 2020 ), Insurers ’ COVID-19 Notepad : What You Need to Know now, Crowell & Moring LLP : Insurance/Reinsurance Alerts, hypertext transfer protocol : //www.crowell.com/NewsEvents/AlertsNewsletters/Insurance-Reinsurance-Alerts/Insurers-COVID-19-Notepad-What-You-Need-to-Know-Now-Week-of-May-18 ( accessed on 5 June 2020 ). [ 38 ] FSCA ( 2021 ), The FSCA ’ s current position on Contingent Business Interruption Insurance, hypertext transfer protocol : //www.fsca.co.za/News % 20Documents/FSCA % 20Press % 20Release % 20- % 20FSCA % 20current % 20position % 20on % 20Contingent % 20Business % 20Interruption % 20Insurance % 2011 % 20February % 202021.pdf ( accessed on 8 March 2021 ). [ 36 ] FSCA ( 2020 ), COVID-19 – regulative reception : The Financial Sector Conduct Authority ’ s position on business interruption indemnity, Financial Sector Conduct Authority, hypertext transfer protocol : //www.fsca.co.za/Regulatory % 20Frameworks/Temp/FSCA % 20Communication % 2034 % 20of % 202020 % 20 ( INS ) .pdf ( accessed on 29 June 2020 ). [ 37 ] FSCA ( 2020 ), FSCA ’ s latest position on Business Interruption indemnity cover, Financial Sector Conduct Authority. [ 75 ] GDV ( 2020 ), greens newspaper : Supporting the economy to better cope with the consequences of future pandemic events, Gesamtverband five hundred Deutschen Versicherungswirtschaf, hypertext transfer protocol : //www.en.gdv.de/resource/blob/59854/079826b589006ed3bd4fc7a09e64cf1a/pandemiefonds-vorschlag-download-green-paper-data.pdf. [ 76 ] Generali Group ( 2020 ), Pandemic Risk Pooling : Generali ’ s perspective. [ 14 ] Gould, S. ( 2020 ), Insurance reply to Beer and Pub businesses in lockdown ( Letter to Jon Dye, Chair, Association of British Insurers ), One Voice Coalition, hypertext transfer protocol : //www.abi.org.uk/globalassets/files/subject/public/covid-19/one-voice-insurance-letter-to-abi-7-may-2020.pdf. [ 67 ] Hartwig, R. and R. Gordon ( 2020 ), Uninsurability of Mass Market Business Continuity Risks from Viral Pandemics, American Property Casualty Insurance Association, hypertext transfer protocol : //www.pciaa.net/docs/default-source/default-document-library/apcia-white-paper-hartwig-gordon.pdf. [ 81 ] Hatler, P., K. Mihocik and B. Roman ( 2020 ), US Federal Business Interruption Legislation Update : federally Funded or Private/Public Partnership ?, Squire Patton Briggs, hypertext transfer protocol : //www.lexology.com/library/document.ashx ? g=b6769e1c-7b59-4c3e-a4af-9274294ff797. [ 99 ] Heidtke, D. ( 2020 ), Congress Proposes Bill for Coronavirus Business Interruption Insurance Coverage, Duane Morris Insurance Law, hypertext transfer protocol : //blogs.duanemorris.com/insurancelaw/2020/04/16/congress-proposes-bill-for-coronavirus-business-interruption-insurance-coverage/ # page=1 ( accessed on 21 April 2020 ). [ 17 ] Huebner, A. ( 2020 ), “ Businesses and Insurers Face Survival Showdowns From Africa to America ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2020/08/18/210365.htm ( accessed on 2 September 2020 ). [ 25 ] IAIS ( 2020 ), IAIS facilitates global coordination on fiscal stability and policyholder protection during Covid-19 crisis, International Association of Insurance Supervisors, hypertext transfer protocol : //www.iaisweb.org/page/news/press-releases/file/89860/iais-media-release-financial-stability-and-policyholder-protection. [ 49 ] ICA ( 2021 ), Business Interruption test shell, Insurance Council of Australia, hypertext transfer protocol : //www.insurancecouncil.com.au/issues-submissions/bi-test-case ( accessed on 10 March 2021 ). [ 50 ] ICA ( 2021 ), Second Business Interruption Test Case, Insurance Council of Australia, hypertext transfer protocol : //insurancecouncil.com.au/media_release/plain/616 ( accessed on 10 March 2021 ). [ 90 ] IFTRIP ( 2017 ), World Terrorism Insurance Pools and Schemes, International Forum for Terrorism Risk ( Re ) policy Pools, hypertext transfer protocol : //iftrip.org/wp-content/uploads/2017/02/IFTRIP-brochure-final.pdf ( accessed on 26 October 2018 ). [ 23 ] Insurance Journal ( 2020 ), “ Insurer Group Warns About California Bill Mandating Business Interruption Coverage ”, Insurance Journal, hypertext transfer protocol : //www.insurancejournal.com/news/west/2020/07/02/574203.htm ( accessed on 3 July 2020 ). [ 59 ] Insurance Journal ( 2020 ), “ UK Insurance Industry Leaders Form Steering Group to Propose Pandemic Response, Chaired by Catlin ”, Insurance Journal, hypertext transfer protocol : //www.insurancejournal.com/news/international/2020/04/21/565589.htm ( accessed on 27 April 2020 ). [ 52 ] Jones, H. and C. Cohn ( 2020 ), “ british Regulator Enlists 8 Insurers in Pandemic Test Case of Business Interruption Cover ”, Insurance Journal, hypertext transfer protocol : //www.insurancejournal.com/news/international/2020/06/01/570541.htm ( accessed on 4 June 2020 ). [ 102 ] Ladbury, A. ( 2020 ), “ APCIA says ’ let the commercialize work ’ as California commissioner demands premium refunds ”, commercial gamble, hypertext transfer protocol : //www.commercialriskonline.com/apcia-says-let-the-market-work-as-california-commissioner-demands-premium-refunds/ ? inf_contact_key=232841a04543af588dea20c51a459aa0d18a532c4142cb79caf2b269de1401fa ( accessed on 21 April 2020 ). [ 74 ] Ladbury, A. ( 2020 ), “ French pandemic indemnity outline plans near completion : AMRAE ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/french-state-and-insurers-moving-close-to-creation-of-pandemic-scheme/ ( accessed on 3 July 2020 ). [ 57 ] Ladbury, A. ( 2020 ), “ GVNW teams up with brokers to propose state-backed pandemic solution ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/gvnw-teams-up-with-brokers-to-propose-state-backed-pandemic-solution/ ( accessed on 2 September 2020 ). [ 45 ] Ladbury, A. ( 2020 ), “ Pandemic BI test cases begin in New South Wales ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/pandemic-bi-test-cases-begin-in-new-south-wales/ ( accessed on 2 September 2020 ). [ 55 ] Ladbury, A. ( 2020 ), “ hazard managers will support universe of state-backed pandemic pools to plug coverage col ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/risk-managers-will-support-creation-of-state-backed-pandemic-pools-to-plug-coverage-gap/ ( accessed on 21 April 2020 ). [ 53 ] Le Marquer, A. ( 2020 ), COVID-19 Business Interruption Update : Further details of FCA Test Case, Fenchurch Law, hypertext transfer protocol : //www.fenchurchlaw.co.uk/covid-19-business-interruption-update-further-details-of-fca-test-case/ ( accessed on 3 July 2020 ). [ 33 ] Lewis, P. et aluminum. ( 2021 ), Supreme Court hands down sagacity in FCA ’ s Covid-19 Business Interruption Test Case, Herbert Smith Freehills, hypertext transfer protocol : //hsfnotes.com/insurance/2021/01/15/supreme-court-hands-down-judgment-in-fcas-covid-19-business-interruption-test-case/ ( accessed on 10 March 2021 ). [ 77 ] Lloyd ’ randomness ( 2020 ), Supporting ball-shaped recovery and resilience for customers and economies : the insurance response to COVID-19, Lloyd ’ second, hypertext transfer protocol : //www.lloyds.com/news-and-risk-insight/media-centre/coronavirus-updates-hub/supporting-global-recovery-and-resilience-for-customers-and-economies ( accessed on 8 July 2020 ). [ 44 ] Makhlouf, G. ( 2021 ), Managing gamble, rebuilding resilience, hypertext transfer protocol : //www.centralbank.ie/news/article/speech-managing-risk-rebuilding-resilience-governor-gabriel-makhlouf-11-feb-2021 ( accessed on 8 March 2021 ). [ 8 ] Marsh ( 2020 ), Pandemic Risk Protection : Accelerate Recovery and Build Resilience immediately Through Public-Private Partnership, Marsh LLC, hypertext transfer protocol : //coronavirus.marsh.com/us/en/insights/research-and-briefings/pandemic-risk-protection.html ( accessed on 7 June 2020 ). [ 43 ] Moore, G. ( 2020 ), COVID-19 Business Interruption Cover – Test case ? not In Ireland, Clyde & Co, hypertext transfer protocol : //www.clydeco.com/en/insights/2020/08/covid-19-business-interruption-cover-test-case-not ( accessed on 2 September 2020 ). [ 40 ] Mukherjee, P. ( 2021 ), “ South african Insurer Santam to Begin Processing 4,000 COVID Business Interruption Claims ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2021/01/25/216268.htm ( accessed on 8 March 2021 ). [ 15 ] NAIC ( 2020 ), COVID-19 Property & Casualty Insurance Business Interruption Data Call : part 2 – claim and Loss Information ( November 2020 ), National Association of Insurance Commissioners. [ 26 ] NAIC ( 2020 ), NAIC Statement on congressional Action Relating to COVID-19, National Association of Insurance Commissioners, hypertext transfer protocol : //content.naic.org/article/statement_naic_statement_congressional_action_relating_covid_19.htm ( accessed on 13 May 2020 ). [ 101 ] NAIC ( 2018 ), statistical compilation of Annual Statement Information for Property/Casualty Insurance Companies in 2017, National Association of Insurance Commissioners, hypertext transfer protocol : //www.naic.org/prod_serv/STA-PS-18.pdf. [ 70 ] NAMIC, APCIA and Big I ( 2020 ), Insurance Trades Unveil Federal Pandemic Solution, American Property Casualty Insurance Association, hypertext transfer protocol : //www.pciaa.net/pciwebsite/Cms/Content/ViewPage ? sitepageid=60933 ( accessed on 7 June 2020 ). [ 86 ] Nuclear Pools ( n.d. ), nuclear Pools : About Us, Nuclear Pools, hypertext transfer protocol : //www.nuclearpools.com/about-us ( accessed on 8 July 2020 ). [ 4 ] OECD ( 2020 ), Economic Outlook No 107 – June 2020 Double Hit Scenario, OECD, hypertext transfer protocol : //stats.oecd.org/Index.aspx ? DataSetCode=EO ( accessed on 6 November 2020 ). [ 65 ] OECD ( 2020 ), Gross national income ( indicator ), hypertext transfer protocol : //dx.doi.org/10.1787/8a36773a-en ( accessed on 8 June 2020 ). [ 98 ] OECD ( 2020 ), initial assessment of insurance coverage and gaps for tackling COVID-19 impacts, OECD, Paris, hypertext transfer protocol : //top10carinsurance.com/daf/fin/insurance/Initial-assessment-of-insurance-coverage-and-gaps-for-tackling-COVID-19-impacts.pdf ( accessed on 20 April 2020 ). [ 87 ] OECD ( 2020 ), Insurance coverage for cyber-terrorism in Australia, Organisation for Economic Cooperation and Development and australian Reinsurance Pool Corporation. [ 63 ] OECD ( 2020 ), OECD Insurance Statistics ( database ), OECD, hypertext transfer protocol : //stats.oecd.org/Index.aspx ? DatasetCode=INSIND. [ 3 ] OECD ( 2020 ), STAN Industry ISIC Rev. 4, OECD, hypertext transfer protocol : //doi.org/10.1787/data-00649-en ( accessed on 6 November 2020 ). [ 88 ] OECD ( 2018 ), Financial Management of Earthquake Risk, OECD, hypertext transfer protocol : //www.oecd.org/finance/insurance/Financial-management-of-earthquake-risk.pdf ( accessed on 24 January 2019 ). [ 95 ] OECD ( 2018 ), Good Jobs for All in a Changing World of knead : The OECD Jobs Strategy, OECD Publishing, Paris, hypertext transfer protocol : //dx.doi.org/10.1787/9789264308817-en. [ 89 ] OECD ( 2016 ), Financial Management of Flood Risk, OECD Publishing, Paris, hypertext transfer protocol : //dx.doi.org/10.1787/9789264257689-en. [ 96 ] OECD ( 2014 ), “ The crisis and its consequence : A stress screen for societies and for social policies ”, in Society at a glance 2014 : OECD Social Indicators, OECD Publishing, Paris, hypertext transfer protocol : //dx.doi.org/10.1787/soc_glance-2014-5-en. [ 94 ] OECD ( 2010 ), OECD Employment Outlook 2010 : Moving beyond the Jobs Crisis, OECD Publishing, Paris, hypertext transfer protocol : //dx.doi.org/10.1787/empl_outlook-2010-en. [ 66 ] OFCE ( 2020 ), Évaluation au 20 avril 2020 de l ’ impingement économique de la pandémie de COVID-19 et des mesures de confinement en France, Observatoire français des conjonctures économiques : Centre de recherche en économie de Sciences Po, hypertext transfer protocol : //www.ofce.sciences-po.fr/pdf/pbrief/2020/OFCEpbrief66.pdf. [ 19 ] Office of Congressman Mike Thompson ( 2020 ), Thompson Announces Introduction of Business Interruption Relief Act, Office of Congressman Mike Thompson, hypertext transfer protocol : //mikethompson.house.gov/newsroom/press-releases/thompson-announces-introduction-of-business-interruption-relief-act ( accessed on 10 July 2020 ). [ 80 ] Office of Congresswoman Carolyn Maloney ( 2020 ), ​Rep. Maloney Joins with Industry and Trade Association Leaders to Introduce the Pandemic Risk Insurance Act, Congresswoman Carolyn Maloney, hypertext transfer protocol : //maloney.house.gov/media-center/press-releases/rep-maloney-joins-with-industry-and-trade-association-leaders-to ( accessed on 3 July 2020 ). [ 11 ] O ’ Hara, C. ( 2020 ), “ Insurer says it will pay dentists ’ claims for pandemic coverage ”, The Globe and Mail, hypertext transfer protocol : //www.theglobeandmail.com/business/article-insurer-says-it-will-pay-dentists- claims-for-pandemic-coverage/ ( accessed on 8 June 2020 ). [ 21 ] Robert, S. ( 2020 ), Adaptation législative en vue five hundred ’ assurer les pertes d ’ exploitation et de livestock des entreprises face gold Covid-19, Sylvie Robert, hypertext transfer protocol : //sylvie-robert.fr/adaptation-legislative-en-vue-dassurer-les-pertes-dexploitation-et-de-stock-des-entreprises-face-au-covid-19/. [ 41 ] Rumney, E. ( 2020 ), “ S. Africa ’ s Regulator to Clarify Policyholders ’ Rights in Pandemic Insurance Claims ”, Insurance Journal, hypertext transfer protocol : //www.insurancejournal.com/news/international/2020/08/07/578271.htm ( accessed on 2 September 2020 ). [ 39 ] Rumney, E. ( 2020 ), “ South african Insurer Ends Further Challenge of Liability Ruling Over Virus Insurance Claims ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2020/12/18/214989.htm ( accessed on 8 March 2021 ). [ 54 ] Saville, M. and L. Burgess ( 2020 ), Full Federal Court confirms broad operation of insurance company ’ s pandemic ejection clause, King & Wood Mallesons, hypertext transfer protocol : //www.kwm.com/en/au/knowledge/insights/full-federal-court-confirms-broad-operation-of-insurers-pandemic-exclusion-clause-20201221 ( accessed on 10 March 2021 ). [ 104 ] Schanz, K. ( 2020 ), An Investigation into the Insurability of Pandemic Risk, The Geneva Association, hypertext transfer protocol : //www.genevaassociation.org/research-topics/socio-economic-resilience/investigation-insurability-pandemic-risk-research-report ( accessed on 14 November 2020 ). [ 79 ] Sclafane, S. ( 2020 ), “ Federal PRIA Bill Officially Introduced for Biz Interruption, Event Cancellation ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2020/05/27/207112.htm ( accessed on 7 June 2020 ). [ 82 ] Sclafane, S. ( 2020 ), “ Proposed Pandemic Re Corp. Would Treat Small, Large Biz Interruptions Differently ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2020/06/04/207430.htm ( accessed on 7 June 2020 ). [ 5 ] SHRM ( 2020 ), Navigating COVID-19 : impact of the pandemic on small businesses, Society for Human Resource Management, hypertext transfer protocol : //shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/SHRM % 20CV19 % 20SBO % 20Research % 20Presentation % 20v1.1.pdf ( accessed on 6 November 2020 ). [ 97 ] Skeel, D. ( 2020 ), “ Bankruptcy and the coronavirus ”, Economic Studies at Brookings, hypertext transfer protocol : //www.brookings.edu/wp-content/uploads/2020/04/ES-4.21.2020-DSkeel-1.pdf ( accessed on 23 April 2020 ). [ 1 ] Statistics Canada ( 2020 ), Business tax income from April 2020 compared with April 2019, by commercial enterprise characteristics ( table 33-10-0253-01 ), Statistics Canada, hypertext transfer protocol : //www150.statcan.gc.ca/t1/tbl1/en/tv.action ? pid=3310025301 ( accessed on 6 November 2020 ). [ 2 ] Statistics Canada ( 2020 ), quarterly balance sail and income statement, by industry ( mesa : 33-10-0007-01 ), Statistics Canada, hypertext transfer protocol : //www150.statcan.gc.ca/t1/tbl1/en/tv.action ? pid=3310000701 ( accessed on 6 November 2020 ). [ 20 ] Stride, R. ( 2020 ), Letter sent to Huw Evans, Director General, Association of british Insurers from Rt Hon. Mel Stride MP, Chair, Treasury Select Committee on 25 March 2020, Treasury Select Committee, House of Commons, hypertext transfer protocol : //publications.parliament.uk/pa/cm5801/cmselect/cmtreasy/correspondence/200325-Chair-to-ABI-coronavirus-threat.pdf. [ 64 ] swiss Re ( 2018 ), swiss Re sigma – natural catastrophes and man-made disasters ( database ). [ 92 ] swiss Re sigma ( 2019 ), Natural catastrophes and man-made disasters : 1990-2018 ( dataset ), swiss Re. [ 22 ] Turner, H. ( 2020 ), “ These states introduced COVID-19 business interruption coverage bills ”, PropertyCasualty360, hypertext transfer protocol : //www.propertycasualty360.com/2020/04/09/these-states-introduced-covid-19-business-interruption-coverage-bills/ ( accessed on 21 April 2020 ). [ 27 ] Vaughan, F. ( 2020 ), Letter to the Honorable Ted Budd, United States Senate ( May 8, 2020 ), Department of the Treasury, hypertext transfer protocol : //www.crowell.com/files/images/Treasury-Ltr.jpg. [ 12 ] Washington state Office of the Insurance Commissioner ( 2020 ), Kreidler finds most business policy policies in state exclude pandemic, virus coverage, Washington express Office of the Insurance Commissioner, hypertext transfer protocol : //www.insurance.wa.gov/news/kreidler-finds-most-business-insurance-policies-state-exclude-pandemic-virus-coverage ( accessed on 11 May 2020 ). [ 46 ] Williams, L. and E. Cabban ( 2020 ), COVID-19 : ( Australia ) COVID-19 Business Interruption Claims May not be subject to Pandemic Exclusions, K & L Gates, hypertext transfer protocol : //www.klgates.com/COVID-19-Australia-COVID-19-Business-Interruption-Claims-May-Not-be-Subject-to-Pandemic-Exclusions-11-26-2020 ( accessed on 10 March 2021 ). [ 103 ] World Bank ( 2012 ), Caribbean – catastrophe hazard Insurance Project ( English ) : execution completion and Results Report ( P108058 ), World Bank, Washington, D.C., hypertext transfer protocol : //documents.worldbank.org/curated/en/733451468225588956/Caribbean-Catastrophe-Risk-Insurance-Project. [ 91 ] World Forum of Catastrophe Programmes ( n.d. ), Comparative Table, World Forum of Catastrophe Programmes, hypertext transfer protocol : //www.wfcatprogrammes.com/documents/20142/34113/Comparative_table.xlsx/267f5cb3-d7d7-60c2-df10-a5d460d8473a ( accessed on 6 April 2020 ). [ 84 ] Zurich ( North America ) ( 2020 ), Zurich ’ s enlist concept for facilitating pandemic auspices, hypertext transfer protocol : //www.zurichna.com/-/media/project/zwp/zna/docs/kh/pandemic/zurich-pandemic-risk-concept-powerpoint-final.pdf ? la=en & rev=474a56fd3a6140cab37083773d2bfa83 & hash=EBACB3CFE7D8D7ACB63CBBAA357AAC7B ( accessed on 11 March 2021 ) . References
 Open URL [ 4 ] OECD ( 2020 ), Economic Outlook No 107 – June 2020 Double Hit Scenario, OECD, hypertext transfer protocol : //stats.oecd.org/Index.aspx ? DataSetCode=EO ( accessed on 6 November 2020 ) .
References
 Open URL [ 5 ] SHRM ( 2020 ), Navigating COVID-19 : impingement of the pandemic on small businesses, Society for Human Resource Management, hypertext transfer protocol : //shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/SHRM % 20CV19 % 20SBO % 20Research % 20Presentation % 20v1.1.pdf ( accessed on 6 November 2020 ) .
References
 Open URL [ 6 ] Chetty, R. et aluminum. ( 2020 ), Percent Change in Small Business Revenue, Opportunity Insights Economic Tracker, hypertext transfer protocol : //tracktherecovery.org/ ( accessed on 9 November 2020 ) .
References
 Open URL [ 7 ] australian Bureau of Statistics ( n.d. ), Revenue impacts of COVID-19, Business Indicators, Business Impacts of COVID-19 ( May 2020 ), hypertext transfer protocol : //www.abs.gov.au/statistics/economy/business-indicators/business-indicators-business-impacts-covid-19/may-2020 ( accessed on 9 November 2020 ) .
References
 Open URL [ 8 ] Marsh ( 2020 ), Pandemic Risk Protection : Accelerate Recovery and Build Resilience now Through Public-Private Partnership, Marsh LLC, hypertext transfer protocol : //coronavirus.marsh.com/us/en/insights/research-and-briefings/pandemic-risk-protection.html ( accessed on 7 June 2020 ) .
References
 Open URL [ 9 ] Collins, S. ( 2020 ), “ Insurers wary of meeting growing necessitate for specialist pandemic cover ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/insurers-wary-meeting-growing-demand-specialist-pandemic-cover/ ( accessed on 21 April 2020 ) .
References
 Open URL [ 10 ] Barlow, C. ( 2020 ), “ Coronavirus spurs ISO to provide business pause endorsement ”, PropertyCasualty360, hypertext transfer protocol : //www.propertycasualty360.com/2020/02/10/iso-provides-business-interruption-endorsement-in-response-to-coronavirus-414-171888/ ( accessed on 21 April 2020 ) .
References claims-for-pandemic-coverage/ (accessed on 8 June 2020).
 Open URL [ 11 ] O ’ Hara, C. ( 2020 ), “ Insurer says it will pay dentists ’ claims for pandemic coverage ”, The Globe and Mail, hypertext transfer protocol : //www.theglobeandmail.com/business/article-insurer-says-it-will-pay-dentists- ( accessed on 8 June 2020 ) .
References
 Open URL [ 12 ] Washington state Office of the Insurance Commissioner ( 2020 ), Kreidler finds most business indemnity policies in state bar pandemic, virus coverage, Washington state Office of the Insurance Commissioner, hypertext transfer protocol : //www.insurance.wa.gov/news/kreidler-finds-most-business-insurance-policies-state-exclude-pandemic-virus-coverage ( accessed on 11 May 2020 ) .
References
 Open URL [ 13 ] ACPR ( 2020 ), Garantie « pertes five hundred ’ exploitation » : lambert ’ état des lieux de l ’ ACPR, Autorité de contrôle prudentiel et de résolution, hypertext transfer protocol : //acpr.banque-france.fr/communications-de-lacpr-dans-le-contexte-de-la-pandemie-covid-19 ( accessed on 3 July 2020 ) .
References
 Open URL [ 14 ] Gould, S. ( 2020 ), Insurance response to Beer and Pub businesses in lockdown ( Letter to Jon Dye, Chair, Association of British Insurers ), One Voice Coalition, hypertext transfer protocol : //www.abi.org.uk/globalassets/files/subject/public/covid-19/one-voice-insurance-letter-to-abi-7-may-2020.pdf

References

[15] NAIC (2020), COVID-19 Property & Casualty Insurance Business Interruption Data Call: Part 2 – Claim and Loss Information (November 2020), National Association of Insurance Commissioners.

References
 Open URL [ 16 ] Bayerisches Staatsministerium für Wirtschaft, L. ( 2020 ), Aiwanger : “ Tragfähige und vernünftige Lösung bei Betriebsschließungsversicherungen ” : Wirtschaftsministerium Bayern, Bayerisches Staatsministerium für Wirtschaft, Landesentwicklung und Energie, hypertext transfer protocol : //www.stmwi.bayern.de/presse/pressemeldungen/pressemeldung/pm/43349/ ( accessed on 4 May 2020 ) .
References
 Open URL [ 17 ] Huebner, A. ( 2020 ), “ Businesses and Insurers Face Survival Showdowns From Africa to America ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2020/08/18/210365.htm ( accessed on 2 September 2020 ) .
References
 Open URL [ 18 ] FFA ( 2020 ), 3,2 milliards d ’ euros de mesures exceptionnelles pour faire face à la crise du COVID-19, | Fédération Française de l ’ Assurance, hypertext transfer protocol : //www.ffa-assurance.fr/actualites/32-milliards-euros-de-mesures-exceptionnelles-pour-faire-face-la-crise-du-covid-19 ( accessed on 21 April 2020 ) .
References
 Open URL [ 17 ] Huebner, A. ( 2020 ), “ Businesses and Insurers Face Survival Showdowns From Africa to America ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2020/08/18/210365.htm ( accessed on 2 September 2020 ) .
References
 Open URL [ 19 ] Office of Congressman Mike Thompson ( 2020 ), Thompson Announces Introduction of Business Interruption Relief Act, Office of Congressman Mike Thompson, hypertext transfer protocol : //mikethompson.house.gov/newsroom/press-releases/thompson-announces-introduction-of-business-interruption-relief-act ( accessed on 10 July 2020 ) .
References
 Open URL [ 20 ] Stride, R. ( 2020 ), Letter sent to Huw Evans, Director General, Association of british Insurers from Rt Hon. Mel Stride MP, Chair, Treasury Select Committee on 25 March 2020, Treasury Select Committee, House of Commons, hypertext transfer protocol : //publications.parliament.uk/pa/cm5801/cmselect/cmtreasy/correspondence/200325-Chair-to-ABI-coronavirus-threat.pdf
References
 Open URL [ 21 ] Robert, S. ( 2020 ), Adaptation législative en vue vitamin d ’ assurer les pertes five hundred ’ exploitation et de sprout des entreprises face gold Covid-19, Sylvie Robert, hypertext transfer protocol : //sylvie-robert.fr/adaptation-legislative-en-vue-dassurer-les-pertes-dexploitation-et-de-stock-des-entreprises-face-au-covid-19/
References
 Open URL [ 22 ] Turner, H. ( 2020 ), “ These states introduced COVID-19 business break coverage bills ”, PropertyCasualty360, hypertext transfer protocol : //www.propertycasualty360.com/2020/04/09/these-states-introduced-covid-19-business-interruption-coverage-bills/ ( accessed on 21 April 2020 ) .
References
 Open URL [ 23 ] Insurance Journal ( 2020 ), “ Insurer Group Warns About California Bill Mandating Business Interruption Coverage ”, Insurance Journal, hypertext transfer protocol : //www.insurancejournal.com/news/west/2020/07/02/574203.htm ( accessed on 3 July 2020 ) .
References
 Open URL [ 24 ] Foggan, L., M. Sabino and A. Sutta ( 2020 ), Insurers ’ COVID-19 Notepad : What You Need to Know now, Crowell & Moring LLP : Insurance/Reinsurance Alerts, hypertext transfer protocol : //www.crowell.com/NewsEvents/AlertsNewsletters/Insurance-Reinsurance-Alerts/Insurers-COVID-19-Notepad-What-You-Need-to-Know-Now-Week-of-May-18 ( accessed on 5 June 2020 ) .
References
 Open URL [ 25 ] IAIS ( 2020 ), IAIS facilitates ball-shaped coordination on fiscal stability and policyholder security during Covid-19 crisis, International Association of Insurance Supervisors, hypertext transfer protocol : //www.iaisweb.org/page/news/press-releases/file/89860/iais-media-release-financial-stability-and-policyholder-protection
References
 Open URL [ 26 ] NAIC ( 2020 ), NAIC Statement on congressional Action Relating to COVID-19, National Association of Insurance Commissioners, hypertext transfer protocol : //content.naic.org/article/statement_naic_statement_congressional_action_relating_covid_19.htm ( accessed on 13 May 2020 ) .
References
 Open URL [ 27 ] Vaughan, F. ( 2020 ), Letter to the Honorable Ted Budd, United States Senate ( May 8, 2020 ), Department of the Treasury, hypertext transfer protocol : //www.crowell.com/files/images/Treasury-Ltr.jpg
References
 Open URL [ 28 ] ACPR ( 2020 ), Les incertitudes sur fifty ’ ampleur des impacts de la crise imposent une gestion prudente des fonds propres des assureurs, Banque de France, hypertext transfer protocol : //acpr.banque-france.fr/communique-de-presse/les-incertitudes-sur-lampleur-des-impacts-de-la-crise-imposent-une-gestion-prudente-des-fonds ( accessed on 11 May 2020 ) .
References
 Open URL [ 29 ] Baker, T. ( 2021 ), Covid Coverage Litigation Tracker, Insurance Law Analytics, University of Pennsylvania, hypertext transfer protocol : //cclt.law.upenn.edu ( accessed on 3 March 2021 ) .
References
 Open URL [ 30 ] Covington ( 2020 ), Developments in Coronavirus Coverage Litigation and Legislation, Covington & Burling LLP, hypertext transfer protocol : //www.cov.com/en/news-and-insights/insights/2020/08/developments-in-coronavirus-coverage-litigation-and-legislation ( accessed on 2 September 2020 ) .
References
 Open URL [ 29 ] Baker, T. ( 2021 ), Covid Coverage Litigation Tracker, Insurance Law Analytics, University of Pennsylvania, hypertext transfer protocol : //cclt.law.upenn.edu ( accessed on 3 March 2021 ) .
References
 Open URL [ 31 ] FCA ( 2020 ), FCA seeks legal clearness on occupation interruption indemnity aboard box of measures to help consumers and little businesses, Financial Conduct Authority, hypertext transfer protocol : //www.fca.org.uk/news/press-releases/fca-seeks-legal-clarity-business-interruption-insurance ( accessed on 4 May 2020 ) .
References
 Open URL [ 33 ] Lewis, P. et aluminum. ( 2021 ), Supreme Court hands down judgment in FCA ’ s Covid-19 Business Interruption Test Case, Herbert Smith Freehills, hypertext transfer protocol : //hsfnotes.com/insurance/2021/01/15/supreme-court-hands-down-judgment-in-fcas-covid-19-business-interruption-test-case/ ( accessed on 10 March 2021 ) .
References
 Open URL [ 34 ] FCA ( 2021 ), Business Interruption ( BI ) Insurance ( Dear CEO letter ), hypertext transfer protocol : //www.fca.org.uk/publication/correspondence/dear-ceo-letter-business-interruption-insurance-january-2021.pdf ( accessed on 10 March 2021 ) .
References
 Open URL [ 35 ] Dörig, M. and A. Bösch ( 2020 ), Are the effects of the COVID-19 pandemic insured ? Ombudsman commissions legal adept ’ randomness opinion, International Law Office, hypertext transfer protocol : //www.internationallawoffice.com/Newsletters/Insurance/Switzerland/Badertscher-Attorneys-at-Law/Are-the-effects-of-the-COVID-19-pandemic-insured-Ombudsman-commissions-legal-experts-opinion ? utm_source=ILO+Newsletter & utm_medium=email & utm_content=Newsl ( accessed on 30 June 2020 ) .
Referenceshttps://www.fsca.co.za/Regulatory%20Frameworks/Temp/FSCA%20Communication%2034%20of%202020%20(INS).pdf
 Open URL [ 36 ] FSCA ( 2020 ), COVID-19 – regulative response : The Financial Sector Conduct Authority ’ s position on clientele pause policy, Financial Sector Conduct Authority, ( accessed on 29 June 2020 ) .

References

[37] FSCA (2020), FSCA’s latest stance on Business Interruption insurance cover, Financial Sector Conduct Authority.

References
 Open URL [ 38 ] FSCA ( 2021 ), The FSCA ’ s current status on Contingent Business Interruption Insurance, hypertext transfer protocol : //www.fsca.co.za/News % 20Documents/FSCA % 20Press % 20Release % 20- % 20FSCA % 20current % 20position % 20on % 20Contingent % 20Business % 20Interruption % 20Insurance % 2011 % 20February % 202021.pdf ( accessed on 8 March 2021 ) .
References
 Open URL [ 39 ] Rumney, E. ( 2020 ), “ South african Insurer Ends Further Challenge of Liability Ruling Over Virus Insurance Claims ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2020/12/18/214989.htm ( accessed on 8 March 2021 ) .
References
 Open URL [ 40 ] Mukherjee, P. ( 2021 ), “ South african Insurer Santam to Begin Processing 4,000 COVID Business Interruption Claims ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2021/01/25/216268.htm ( accessed on 8 March 2021 ) .
References
 Open URL [ 38 ] FSCA ( 2021 ), The FSCA ’ s stream position on Contingent Business Interruption Insurance, hypertext transfer protocol : //www.fsca.co.za/News % 20Documents/FSCA % 20Press % 20Release % 20- % 20FSCA % 20current % 20position % 20on % 20Contingent % 20Business % 20Interruption % 20Insurance % 2011 % 20February % 202021.pdf ( accessed on 8 March 2021 ) .
References
 Open URL [ 42 ] Carrigy, C. and J. Grogan ( 2020 ), Central Bank of Ireland Publishes Supervisory Framework for COVID-19-related Business Interruption Insurance Claims, William Fry, hypertext transfer protocol : //www.williamfry.com/newsandinsights/publications-article/2020/08/06/central-bank-of-ireland-publishes-supervisory-framework-for-covid-19-related-business-interruption-insurance-claims ( accessed on 2 September 2020 ) .
References
 Open URL [ 43 ] Moore, G. ( 2020 ), COVID-19 Business Interruption Cover – Test case ? not In Ireland, Clyde & Co, hypertext transfer protocol : //www.clydeco.com/en/insights/2020/08/covid-19-business-interruption-cover-test-case-not ( accessed on 2 September 2020 ) .
References
 Open URL [ 44 ] Makhlouf, G. ( 2021 ), Managing risk, rebuilding resilience, hypertext transfer protocol : //www.centralbank.ie/news/article/speech-managing-risk-rebuilding-resilience-governor-gabriel-makhlouf-11-feb-2021 ( accessed on 8 March 2021 ) .
References
 Open URL [ 46 ] Williams, L. and E. Cabban ( 2020 ), COVID-19 : ( Australia ) COVID-19 Business Interruption Claims May not be subject to Pandemic Exclusions, K & L Gates, hypertext transfer protocol : //www.klgates.com/COVID-19-Australia-COVID-19-Business-Interruption-Claims-May-Not-be-Subject-to-Pandemic-Exclusions-11-26-2020 ( accessed on 10 March 2021 ) .

References

[47] Collins, S. (2020), “ICA considers options after Australian insurers lose BI test case”, Insurance Day.

References
 Open URL [ 48 ] Dowding, T. ( 2020 ), “ australian insurers to bolster solvency positions following BI test sheath ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/australian-insurers-to-bolster-solvency-positions-following-bi-test-case/ ( accessed on 10 March 2021 ) .
References
 Open URL [ 49 ] ICA ( 2021 ), Business Interruption test case, Insurance Council of Australia, hypertext transfer protocol : //www.insurancecouncil.com.au/issues-submissions/bi-test-case ( accessed on 10 March 2021 ) .
References
 Open URL [ 49 ] ICA ( 2021 ), Business Interruption quiz case, Insurance Council of Australia, hypertext transfer protocol : //www.insurancecouncil.com.au/issues-submissions/bi-test-case ( accessed on 10 March 2021 ) .
References
 Open URL [ 50 ] ICA ( 2021 ), Second Business Interruption Test Case, Insurance Council of Australia, hypertext transfer protocol : //insurancecouncil.com.au/media_release/plain/616 ( accessed on 10 March 2021 ) .
References
 Open URL [ 51 ] FCA ( 2020 ), FCA seeks legal clearness on occupation pause indemnity aboard package of measures to help consumers and small businesses, Financial Conduct Authority, hypertext transfer protocol : //www.fca.org.uk/news/press-releases/fca-seeks-legal-clarity-business-interruption-insurance ( accessed on 11 May 2020 ) .
References
 Open URL [ 52 ] Jones, H. and C. Cohn ( 2020 ), “ british Regulator Enlists 8 Insurers in Pandemic Test Case of Business Interruption Cover ”, Insurance Journal, hypertext transfer protocol : //www.insurancejournal.com/news/international/2020/06/01/570541.htm ( accessed on 4 June 2020 ) .
References
 Open URL [ 53 ] Le Marquer, A. ( 2020 ), COVID-19 Business Interruption Update : Further details of FCA Test Case, Fenchurch Law, hypertext transfer protocol : //www.fenchurchlaw.co.uk/covid-19-business-interruption-update-further-details-of-fca-test-case/ ( accessed on 3 July 2020 ) .
References
 Open URL [ 54 ] Saville, M. and L. Burgess ( 2020 ), Full Federal Court confirms wide operation of insurance company ’ s pandemic exception clause, King & Wood Mallesons, hypertext transfer protocol : //www.kwm.com/en/au/knowledge/insights/full-federal-court-confirms-broad-operation-of-insurers-pandemic-exclusion-clause-20201221 ( accessed on 10 March 2021 ) .
References
 Open URL [ 55 ] Ladbury, A. ( 2020 ), “ risk managers will support creation of state-backed pandemic pools to plug coverage opening ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/risk-managers-will-support-creation-of-state-backed-pandemic-pools-to-plug-coverage-gap/ ( accessed on 21 April 2020 ) .
References
 Open URL [ 56 ] Collins, S. and B. Norris ( 2020 ), “ Rims supports moves to create pandemic policy pools ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/rims-supports-moves-create-pandemic-insurance-pools/ ( accessed on 21 April 2020 ) .
References
 Open URL [ 57 ] Ladbury, A. ( 2020 ), “ GVNW teams up with brokers to propose state-backed pandemic solution ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/gvnw-teams-up-with-brokers-to-propose-state-backed-pandemic-solution/ ( accessed on 2 September 2020 ) .
References
 Open URL [ 58 ] Direction générale du Trésor ( 2020 ), Installation d ’ united nations groupe de travail sur le développement five hundred ’ une couverture assurantielle des événements exceptionnels, Ministère de l ’ Économie et des Finances, hypertext transfer protocol : //www.tresor.economie.gouv.fr/Articles/2020/04/22/covid-19-installation-d-un-groupe-de-travail-sur-le-developpement-d-une-couverture-assurantielle-des-evenements-exceptionnels ( accessed on 27 April 2020 ) .
References
 Open URL [ 59 ] Insurance Journal ( 2020 ), “ UK Insurance Industry Leaders Form Steering Group to Propose Pandemic Response, Chaired by Catlin ”, Insurance Journal, hypertext transfer protocol : //www.insurancejournal.com/news/international/2020/04/21/565589.htm ( accessed on 27 April 2020 ) .
References
 Open URL [ 60 ] EIOPA ( 2020 ), EU has samara function in pandemic policy : interview with Gabriel Bernardino, Chairman of EIOPA, conducted by Hannah Brenton, Politico, european Insurance and Occupational Pensions Authority, hypertext transfer protocol : //www.eiopa.europa.eu/content/eu-has-key-role-pandemic-insurance_en ( accessed on 10 July 2020 ) .
References
 Open URL [ 61 ] FFA ( 2020 ), La Fédération Française de l ’ Assurance présente sa contribution au débat sur lanthanum création five hundred ’ united nations régime de catastrophes exceptionnelles : lupus erythematosus dispositif CATEX, Fédération Française de l ’ Assurance, hypertext transfer protocol : //www.ffa-assurance.fr/actualites/la-federation-francaise-de-assurance-presente-sa-contribution-au-debat-sur-la-creation-un ( accessed on 8 July 2020 ) .
References
 Open URL [ 13 ] ACPR ( 2020 ), Garantie « pertes d ’ exploitation » : fifty ’ état des lieux de l ’ ACPR, Autorité de contrôle prudentiel et de résolution, hypertext transfer protocol : //acpr.banque-france.fr/communications-de-lacpr-dans-le-contexte-de-la-pandemie-covid-19 ( accessed on 3 July 2020 ) .
References
 Open URL [ 63 ] OECD ( 2020 ), OECD Insurance Statistics ( database ), OECD, hypertext transfer protocol : //stats.oecd.org/Index.aspx ? DatasetCode=INSIND
References
 Open URL [ 8 ] Marsh ( 2020 ), Pandemic Risk Protection : Accelerate Recovery and Build Resilience now Through Public-Private Partnership, Marsh LLC, hypertext transfer protocol : //coronavirus.marsh.com/us/en/insights/research-and-briefings/pandemic-risk-protection.html ( accessed on 7 June 2020 ) .
References
 Open URL [ 68 ] Collins, S. ( 2020 ), “ Exclusions brood as D & O renewals impacted by pandemic ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/exclusions-loom-as-do-renewals-impacted-by-covid-19/ ( accessed on 21 April 2020 ) .
References
 Open URL [ 61 ] FFA ( 2020 ), La Fédération Française de l ’ Assurance présente sa contribution au débat sur lanthanum création five hundred ’ united nations régime de catastrophes exceptionnelles : lupus erythematosus dispositif CATEX, Fédération Française de l ’ Assurance, hypertext transfer protocol : //www.ffa-assurance.fr/actualites/la-federation-francaise-de-assurance-presente-sa-contribution-au-debat-sur-la-creation-un ( accessed on 8 July 2020 ) .
References
 Open URL [ 69 ] FERMA ( 2020 ), FERMA calls for EU Resilience Framework for Catastrophic Risks, Federation of European Risk Management Associations, hypertext transfer protocol : //www.ferma.eu/ferma-calls-for-eu-resilience-framework-for-catastrophic-risks/ ( accessed on 8 June 2020 ) .
References
 Open URL [ 70 ] NAMIC, APCIA and Big I ( 2020 ), Insurance Trades Unveil Federal Pandemic Solution, American Property Casualty Insurance Association, hypertext transfer protocol : //www.pciaa.net/pciwebsite/Cms/Content/ViewPage ? sitepageid=60933 ( accessed on 7 June 2020 ) .
References
 Open URL [ 71 ] EIOPA ( 2020 ), Issues Paper on resilience solutions for pandemics, european Insurance and Occupational Pensions Authority, hypertext transfer protocol : //www.eiopa.europa.eu/content/issues-paper-resilience-solutions-pandemics_en ( accessed on 2 September 2020 ) .
References
 Open URL [ 72 ] EIOPA ( 2021 ), EIOPA staff wallpaper on measures to improve the insurability of clientele break hazard in light of pandemics, european Insurance and Occupational Pensions Authority, hypertext transfer protocol : //www.eiopa.europa.eu/content/eiopa-staff-paper-measures-improve-insurability-of-business-interruption-risk-light-of_en ( accessed on 10 March 2021 ) .

References

[73] European Parliament: Committee on Industry, R. (2020), Report on a New Industrial Strategy for Europe (A9-0197/2020), European Parliament.

References
 Open URL [ 61 ] FFA ( 2020 ), La Fédération Française de l ’ Assurance présente sa contribution au débat sur lanthanum création d ’ united nations régime de catastrophes exceptionnelles : lupus erythematosus dispositif CATEX, Fédération Française de l ’ Assurance, hypertext transfer protocol : //www.ffa-assurance.fr/actualites/la-federation-francaise-de-assurance-presente-sa-contribution-au-debat-sur-la-creation-un ( accessed on 8 July 2020 ) .
References
 Open URL [ 74 ] Ladbury, A. ( 2020 ), “ French pandemic policy scheme plans near completion : AMRAE ”, Commercial Risk, hypertext transfer protocol : //www.commercialriskonline.com/french-state-and-insurers-moving-close-to-creation-of-pandemic-scheme/ ( accessed on 3 July 2020 ) .
References
 Open URL [ 75 ] GDV ( 2020 ), park paper : Supporting the economy to better cope with the consequences of future pandemic events, Gesamtverband five hundred Deutschen Versicherungswirtschaf, hypertext transfer protocol : //www.en.gdv.de/resource/blob/59854/079826b589006ed3bd4fc7a09e64cf1a/pandemiefonds-vorschlag-download-green-paper-data.pdf

References

[76] Generali Group (2020), Pandemic Risk Pooling: Generali’s perspective.

References
 Open URL [ 77 ] Lloyd ’ randomness ( 2020 ), Supporting global convalescence and resilience for customers and economies : the indemnity response to COVID-19, Lloyd ’ sulfur, hypertext transfer protocol : //www.lloyds.com/news-and-risk-insight/media-centre/coronavirus-updates-hub/supporting-global-recovery-and-resilience-for-customers-and-economies ( accessed on 8 July 2020 ) .
References
 Open URL [ 78 ] Dawson, T. and D. McCarty ( 2020 ), Federal Pandemic Risk Reinsurance Program : Updated Discussion Draft of Proposed Legislation, McDermott Will & Emery, hypertext transfer protocol : //www.mwe.com/insights/federal-pandemic-risk-reinsurance-program-updated-discussion-draft-proposed-legislation-covid/ ( accessed on 7 June 2020 ) .
References
 Open URL [ 79 ] Sclafane, S. ( 2020 ), “ Federal PRIA Bill Officially Introduced for Biz Interruption, Event Cancellation ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2020/05/27/207112.htm ( accessed on 7 June 2020 ) .
References
 Open URL [ 80 ] Office of Congresswoman Carolyn Maloney ( 2020 ), ​Rep. Maloney Joins with Industry and Trade Association Leaders to Introduce the Pandemic Risk Insurance Act, Congresswoman Carolyn Maloney, hypertext transfer protocol : //maloney.house.gov/media-center/press-releases/rep-maloney-joins-with-industry-and-trade-association-leaders-to ( accessed on 3 July 2020 ) .
References
 Open URL [ 70 ] NAMIC, APCIA and Big I ( 2020 ), Insurance Trades Unveil Federal Pandemic Solution, American Property Casualty Insurance Association, hypertext transfer protocol : //www.pciaa.net/pciwebsite/Cms/Content/ViewPage ? sitepageid=60933 ( accessed on 7 June 2020 ) .
References
 Open URL [ 81 ] Hatler, P., K. Mihocik and B. Roman ( 2020 ), US Federal Business Interruption Legislation Update : federally Funded or Private/Public Partnership ?, Squire Patton Briggs, hypertext transfer protocol : //www.lexology.com/library/document.ashx ? g=b6769e1c-7b59-4c3e-a4af-9274294ff797
References
 Open URL [ 82 ] Sclafane, S. ( 2020 ), “ Proposed Pandemic Re Corp. Would Treat Small, Large Biz Interruptions Differently ”, Carrier Management, hypertext transfer protocol : //www.carriermanagement.com/news/2020/06/04/207430.htm ( accessed on 7 June 2020 ) .
References
 Open URL [ 83 ] Chubb ( 2020 ), Business Interruption Program for Pandemic-related Losses, Chubb, hypertext transfer protocol : //www.chubb.com/us-en/about-chubb/pandemic-business-interruption-program.aspx ( accessed on 10 July 2020 ) .
References
 Open URL [ 84 ] Zurich ( North America ) ( 2020 ), Zurich ’ mho enlist concept for facilitating pandemic security, hypertext transfer protocol : //www.zurichna.com/-/media/project/zwp/zna/docs/kh/pandemic/zurich-pandemic-risk-concept-powerpoint-final.pdf ? la=en & rev=474a56fd3a6140cab37083773d2bfa83 & hash=EBACB3CFE7D8D7ACB63CBBAA357AAC7B ( accessed on 11 March 2021 ) .
References files.wixmp.com/ugd/d2e71d_1434ddcabf6b4f459786ca68844237b1.pdf ? token=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpc3MiOiJ1cm46YXBwOmU2NjYzMGU3MTRmMDQ5MGFhZWExZjE0OWIzYjY5ZTMyIiwic3ViIjoidXJuOmFwcDplNjY2MzBlNzE0ZjA0OTBhYWVhMWYxNDliM2I2OWUzMiIsImF1ZCI6WyJ1cm46c2VydmljZTpmaWxlLmRvd25sb2FkIl0sImlhdCI6MTYxNTQ4MTg3MSwiZXhwIjoxNjE1NTE3ODgxLCJqdGkiOiIzOWJmZmQzNWMxNGEiLCJvYmoiOltbeyJwYXRoIjoiL3VnZC9kMmU3MWRfMTQzNGRkY2FiZjZiNGY0NTk3ODZjYTY4ODQ0MjM3YjEucGRmIn1dXX0.7nGSzBi9DjzYeOxLD_gER1UZIxmu (accessed on 11 March 2021).
 Open URL [ 85 ] Business Continuity Coalition ( 2020 ), Statement of the Business Continuity Coalition to United States Senate Committee on Commerce, Science, & Transportation Subcommittee on Manufacturing, Trade, and Consumer Protection ( Hearing on “ Examining the affect of COVID-19 on the Live Event Entertainment Industry ” ), hypertext transfer protocol : //download- ( accessed on 11 March 2021 ) .
References
 Open URL [ 86 ] Nuclear Pools ( n.d. ), nuclear Pools : About Us, Nuclear Pools, hypertext transfer protocol : //www.nuclearpools.com/about-us ( accessed on 8 July 2020 ) .

References

[87] OECD (2020), Insurance coverage for cyber-terrorism in Australia, Organisation for Economic Cooperation and Development and Australian Reinsurance Pool Corporation.

References
 Open URL [ 88 ] OECD ( 2018 ), Financial Management of Earthquake Risk, OECD, hypertext transfer protocol : //www.oecd.org/finance/insurance/Financial-management-of-earthquake-risk.pdf ( accessed on 24 January 2019 ) .
References
 Open DOI [ 89 ] OECD ( 2016 ), Financial Management of Flood Risk, OECD Publishing, Paris, hypertext transfer protocol : //dx.doi.org/10.1787/9789264257689-en
References
 Open URL [ 90 ] IFTRIP ( 2017 ), World Terrorism Insurance Pools and Schemes, International Forum for Terrorism Risk ( Re ) indemnity Pools, hypertext transfer protocol : //iftrip.org/wp-content/uploads/2017/02/IFTRIP-brochure-final.pdf ( accessed on 26 October 2018 ) .
References
 Open URL [ 91 ] World Forum of Catastrophe Programmes ( n.d. ), Comparative Table, World Forum of Catastrophe Programmes, hypertext transfer protocol : //www.wfcatprogrammes.com/documents/20142/34113/Comparative_table.xlsx/267f5cb3-d7d7-60c2-df10-a5d460d8473a ( accessed on 6 April 2020 ) .

References

[92] Swiss Re sigma (2019), Natural catastrophes and man-made disasters: 1990-2018 (dataset), Swiss Re.

References
 Open DOI [ 93 ] Dumm, R., M. Johnson and C. Watson ( 2015 ), “ An examination of the geographic collection of catastrophic gamble ”, Geneva Papers on Risk and Insurance : Issues and Practice, Vol. 40/1, pp. 159-177, hypertext transfer protocol : //dx.doi.org/ 10.1057/gpp.2014.20

References

[92] Swiss Re sigma (2019), Natural catastrophes and man-made disasters: 1990-2018 (dataset), Swiss Re.

References
 Open URL [ 13 ] ACPR ( 2020 ), Garantie « pertes d ’ exploitation » : fifty ’ état des lieux de l ’ ACPR, Autorité de contrôle prudentiel et de résolution, hypertext transfer protocol : //acpr.banque-france.fr/communications-de-lacpr-dans-le-contexte-de-la-pandemie-covid-19 ( accessed on 3 July 2020 ) .

References

[15] NAIC (2020), COVID-19 Property & Casualty Insurance Business Interruption Data Call: Part 2 – Claim and Loss Information (November 2020), National Association of Insurance Commissioners.

References
 Open URL [ 104 ] Schanz, K. ( 2020 ), An Investigation into the Insurability of Pandemic Risk, The Geneva Association, hypertext transfer protocol : //www.genevaassociation.org/research-topics/socio-economic-resilience/investigation-insurability-pandemic-risk-research-report ( accessed on 14 November 2020 ) .
References
 Open URL [ 77 ] Lloyd ’ south ( 2020 ), Supporting global convalescence and resilience for customers and economies : the indemnity response to COVID-19, Lloyd ’ randomness, hypertext transfer protocol : //www.lloyds.com/news-and-risk-insight/media-centre/coronavirus-updates-hub/supporting-global-recovery-and-resilience-for-customers-and-economies ( accessed on 8 July 2020 ).

References

[92] Swiss Re sigma (2019), Natural catastrophes and man-made disasters: 1990-2018 (dataset), Swiss Re.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: