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Pandemic Risk Management and Insurance

In: Handbook of Insurance

Author

Listed:
  • Gunther Kraut

    (Munich Re)

  • Paulina La Bonté

    (Ludwig-Maximilians-Universität München (LMU Munich))

  • Andreas Richter

    (Ludwig-Maximilians-Universität München (LMU Munich))

Abstract

Given the increasing frequency and severity of epidemics and pandemics, it is crucial to find solutions that improve resilience to future outbreaks. While the insurance industry plays an important role in managing pandemic risk, the magnitude of potential losses underscores the need for risk transfer solutions that involve both the public and the private sector. This chapter provides an introduction to pandemic risk, explores the challenges associated with risk transfer solutions, and briefly addresses other risk management strategies in this arena. After a general overview of outbreaks and predictions, we analyze the insurability of pandemic risks. The impact of COVID-19 on the insurance industry is discussed for different lines of business. In addition, we provide stylized paths for insurance market developments. Lastly, based on experience from previous pandemics, this chapter outlines a possible path forward for the management of pandemic risk, addressing both capacity and affordability issues of risk transfer solutions.

Suggested Citation

  • Gunther Kraut & Paulina La Bonté & Andreas Richter, 2025. "Pandemic Risk Management and Insurance," Springer Books, in: Georges Dionne (ed.), Handbook of Insurance, edition 0, pages 251-285, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-69561-2_9
    DOI: 10.1007/978-3-031-69561-2_9
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