Covid-19 and Insurance

The book explores the impact of the Covid-19 pandemic on insurance from an international and comparative perspective, assessing how insurance has to adapt to a new landscape and the extent to which a claim caused by the virus is or is not covered by a given policy. It analyses the rulings handed down by courts in various jurisdictions policy and the measures that governments have taken in relation to insurance during the pandemic. Solutions based on risk sharing with public entities or the use of contractual modalities such as parametric insurance are outlined.

Format: Hardback
Length: 343 pages
Publication date: 11 January 2023
Publisher: Springer International Publishing AG

This comprehensive book delves into the profound impact of the COVID-19 pandemic on the insurance industry, offering a novel and comparative analysis from an international perspective. It explores the urgent need for insurance companies to adapt to a rapidly changing landscape, with lasting effects that permeate across all sectors of the field. In response to the pandemic's requirement for social distancing industry, digitalization has surged, profoundly impacting insurance throughout its various phases, including risk selection, underwriting, pricing, and claims settlement. However, the pandemic's consequences extend far beyond these immediate impacts. The debate surrounding the coverage of claims directly or indirectly caused by the virus has sparked widespread legal disputes, with the most litigated cases worldwide revolving around damages stemming from business interruptions necessitated by government restrictions in nearly every country.

To address these challenges, this book conducts a thorough analysis of the rulings handed down by courts in various jurisdictions, including the United States, Latin America, Spain, and Germany. By examining these decisions, the authors aim to provide valuable guidance to parties involved in future lawsuits and to inform the courts' responses to these complex matters. The analysis extends to the measures governments have taken in relation to insurance during the pandemic, as well as the changes insurers have introduced in their general conditions to exclude coverage for the pandemic. While this response may be deemed unsatisfactory, given the pressing need for solutions to address pandemic-related risks, the authors propose several innovative approaches. These include risk sharing with public entities and the utilization of contractual modalities such as parametric insurance, which aim to mitigate the financial impact of such events.

Written by esteemed experts from academia and renowned lawyers with extensive experience in the insurance field, this book is designed to cater to a wide audience, including professionals, students, and policymakers alike. Its comprehensive coverage and insightful analysis provide a valuable resource for anyone seeking to understand the evolving landscape of insurance in the wake of the COVID-19 pandemic.

Weight: 705g
Dimension: 235 x 155 (mm)
ISBN-13: 9783031137525
Edition number: 1st ed. 2023