流行病风险的公私解决方案

Kai-Uwe Schanz, Deputy Managing Director and Head of Research & ForesightThe Geneva AssociationIn collaboration with:Paula Jarzabkowski, Professor of Strategic Management, The Business School(formerly Cass), City, University of LondonEugenia Cacciatori, Senior Lecturer in Management, The Business School(formerly Cass), City, University of LondonKonstantinos Chalkias, Lecturer in Management, Birkbeck, University of LondonMustafa Kavas, Postdoctoral Research Fellow, The Business School (formerlyCass), City, University of LondonElisabeth Krull, Postdoctoral Research Fellow, The Business School (formerlyCass), City, University of LondonPublic-Private Solutions toPandemic RiskOpportunities, challenges and trade-offs 2The Geneva AssociationThe Geneva Association was founded in 1973 and is the only global association of insurance companies; ourmembers are insurance and reinsurance Chief Executive Officers (CEOs). Based on rigorous research conductedin collaboration with our members, academic institutions and multilateral organisations, our mission is toidentify and investigate key trends that are likely to shape or impact the insurance industry, highlighting whatis at stake for the industry; develop recommendations for the industry and for policymakers; provide a platformto our members, policymakers, academics, multilateral and non-governmental organisations to discuss thesetrends and recommendations; reach out to global opinion leaders and influential organisations to highlightthe positive contributions of insurance to better understanding risks and to building resilient and prosperouseconomies and societies, and thus a more sustainable world.AcknowledgementsThe Geneva Association is very grateful to its Board members Oliver Bäte, CEO, Allianz, and Brian Duperreault, ExecutiveChairman, AIG, for their personal guidance and support as co-sponsors of this research.Our special thanks go to all Geneva Association member company experts whose comments have benefited this publication:Edward Barron (AIG), Paul DiPaola (AIG), Kean Driscoll (AIG), Andreas Funke (Allianz), Gong Xinyu (PICC), Arne Holzhausen(Allianz), Kei Kato (Tokio Marine), Christian Kraut (Munich Re), Roman Lechner (Swiss Re), Ivo Menzinger (Swiss Re),Christiane Meyer-Gruhl (Allianz Re), Cameron Murray (Lloyd’s of London), Guillaume Ominetti (SCOR), Gisela Plassmann(ERGO), Olivier Poissonneau (AXA), Veronica Scotti (Swiss Re) and Lutz Wilhelmy (Swiss Re), as well as to Gordon Woo(RMS).We are also indebted to our academic partners and contributing authors, Professor Paula Jarzabkowski and her team.Geneva Association publications:Pamela Corn, Director CommunicationsHannah Dean, Editor and Content ManagerPetr Neugebauer, Digital Media ManagerSuggested citation:The Geneva Association. 2021.Public-Private Solutions toPandemic Risk. Author: Kai-Uwe Schanz. April.© The Geneva Association, 2021 All rights reservedwww.genevaassociation.orgPhoto credits:Cover page – MikeDotta / ShutterstockPage 26 – Jack Krier / ShutterstockPage 32 – Jennifer M Mason / ShutterstockPage 42 – Ihori Sulyatytyskyy / Shutterstock ContentsForeword1.Executive summary2.Introduction3.The scope for private-sector solutions to pandemic risk3.1 Pushing the boundaries of insurability3.2 Examples of pre-COVID-19 approaches to pandemic risk3.3 Towards more ‘skin in the game’? Challenges and opportunities4.A comparative analysis of potential public-private pandemic risk management solutions4.1 An institutional perspective: Four exemplary approaches to public-sector involvement4.2 A risk perspective: Removing risk from the market versus redistribution of risk5.ConclusionsAnnex:‘Live evidence’ – A comparison of five pandemic risk insurance programme proposalsReferences 3Public-Private Solutions to Pandemic Risk6810101213202028363843 ForewordPublic-Private Solutions to Pandemic Risk We are pleased to continue our research series on pandemics with this second report,exploring different pandemic risk insurance schemes that have governments and insurersworking together to manage the risk of business continuity losses caused by a pandemic.This study followsAn Investigation into the Insurability of Pandemic Risk, published inOctober 2020, which illustrated that pandemic business continuity risks, because theyare correlated and not diversifiable, cannot be covered by the private insurance market.Shouldering these losses alone could bankrupt the industry.As demonstrated in the areas of life and health, insurers certainly have an importantrole in protecting society from pandemics. Any solution in the business interruptionspace should leverage their core, value-added: absorbing manageable amounts of risk,distribution capabilities, claims settlement skills, and unparalleled risk managementexpertise.But given the nature of the risk, governments need to be the leading players. Otherwise,the insurance industry’s solvency would be at stake, to the detriment of millions ofpolicyholders who expect their motor,