Pandemic risk: Impact, modeling, and transfer

Qiu, Joseph

doi:10.1111/rmir.12160

Cited by 14 publications

(8 citation statements)

References 7 publications

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“…It is beyond doubt that the impact of COVID-19 on businesses' performance is longitudinal . Moreover, the COVID-19 crisis is expected to evolve irregularly, with partial recovery in some areas accompanied by worsening recoveries in others and periodic relapses, thus making the business environment turbulent in the longer run (Qiu 2020). Juergensen et al (2020) distinguished between the immediate effects of lockdowns and the long-term implications for businesses, including SMEs and global value chains.…”

Section: Introductionmentioning

confidence: 99%

COVID-19 Interruptions and SMEs Heterogeneity: Evidence from Poland

Wieczorek-Kosmala

Błach

Doś

2021

Risks

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This study contributes to the emerging stream of the literature on the COVID-19-related risks and their impact on businesses’ performance. The growing evidence within is, however, missing the uniqueness of country-level settings, as well as lacking the voice of SMEs solely. The extant literature provides some evidence on SMEs’ vulnerabilities to the crisis, but it commonly compares SMEs with large firms. To cover this gap, the main aim of this study is to analyze the perception of COVID-19 interruptions by various groups of Polish SMEs. Thus, this work adds primarily by revising the perceptions of COVID-19 risks, given the heterogeneity of SMEs if we consider their size, age, legal form of organization and status of a family firm. Based on the survey results on SMEs operating in Poland, we employ ANOVA and k-means ranks to provide strong evidence that COVID-19’s impact was perceived as more interruptive by micro and very young firms, as well as by the firms that perform as sole proprietorships. We have also found evidence that family firms do not differ from non-family ones in the perceptions of COVID-19 impacts.

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Section: Introductionmentioning

confidence: 99%

COVID-19 Interruptions and SMEs Heterogeneity: Evidence from Poland

Wieczorek-Kosmala

Błach

Doś

2021

Risks

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“…17 Therefore, we cannot include this factor in the pricing model. However, we recognize that this factor can be relevant for pandemics during which pandemic losses are likely to be correlated with losses in other lines like trade credit insurance or event cancellation insurance (Qiu, 2020). In this respect, our analysis of pandemic insurance markup should be interpreted as a lower bound that does not account for the correlation of losses across lines.…”

Section: Econometric Specificationmentioning

confidence: 98%

“…Also, the models need to have sufficient resolution to price differences between the risks, for example, the price of insurance for essential and nonessential workers. Qiu (2020) discusses a few principles to establish credible pandemic models for the future. He argues that the COVID-19 insurance market environment is similar to the post-9/11.…”

Section: Calibration Of the Pandemic Insurance Contract Markupmentioning

confidence: 99%

Insurability of pandemic risks

Gründl

Guxha

Kartasheva

et al. 2021

J of Risk & Insurance

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This paper analyzes the scope of the private market for pandemic insurance. We develop a framework that explains theoretically how the equilibrium price of pandemic insurance depends on accumulation risk, covariance between pandemic claims and other claims, and covariance between pandemic claims and the stock market performance. Using the natural catastrophe (NatCat) insurance market as a laboratory, we estimate the relationship between the insurance price markup and the tail characteristics of the loss distribution. Then, by using the high‐frequency data tracking the economic impact of the COVID‐19 pandemic in the United States, we calibrate the loss distribution of a hypothetical insurance contract designed to alleviate the impact of the pandemic on small businesses. The pandemic insurance contract price markup corresponds to the top 20% markup observed in the NatCat insurance market. Then we analyze an intertemporal risk‐sharing scheme that can reduce the expected shortfall of the loss distribution by 50%.

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“…This impact caused by the COVID-19 pandemic may further affect the changes in the insurance underwriting process. Qiu (2020) examines the insured losses incurred due to COVID-19 and their impact on the insurance industry. It further assesses the current modelling capabilities for pandemic risk and how the insurance industry utilizes these models.…”

Section: Literature Reviewmentioning

confidence: 99%

Analyzing Size of Loss Frequency Distribution Patterns: Uncovering the Impact of the COVID-19 Pandemic

Xie,

2024

Risks

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This study delves into a critical examination of the Size of Loss distribution patterns in the context of auto insurance during pre- and post-pandemics, emphasizing their profound influence on insurance pricing and regulatory frameworks. Through a comprehensive analysis of the historical Size of Loss data, insurers and regulators gain essential insights into the probabilities and magnitudes of insurance claims, informing the determination of precise insurance premiums and the management of case reserving. This approach aids in fostering fair competition, ensuring equitable premium rates, and preventing discriminatory pricing practices, thereby promoting a balanced insurance landscape. The research further investigates the impact of the COVID-19 pandemic on these Size of Loss patterns, given the substantial shifts in driving behaviours and risk landscapes. Also, the research contributes to the literature by addressing the need for more studies focusing on the implications of the COVID-19 pandemic on pre- and post-pandemic auto insurance loss patterns, thus offering a holistic perspective encompassing both insurance pricing and regulatory dimensions.

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Pandemic risk: Impact, modeling, and transfer

Cited by 14 publications

References 7 publications

COVID-19 Interruptions and SMEs Heterogeneity: Evidence from Poland

COVID-19 Interruptions and SMEs Heterogeneity: Evidence from Poland

Insurability of pandemic risks

Analyzing Size of Loss Frequency Distribution Patterns: Uncovering the Impact of the COVID-19 Pandemic

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