Covid-19: Global Shock And New Scenarios For The Insurance Industry

In the history of mankind, the great epidemics have always been characterized not only by a dramatic number of victims, but also by devastating impacts on the economy and social development. It is probably still too early to draw up an accurate balance sheet of the actual weight that the pandemic will have on the economic system and, in particular, on the world of insurance. However, even today, at the height of the emergency, some aspects are well defined: we can undoubtedly state that, in the insurance sector, we are witnessing a global, total and radical shock. The negative impact of "Business Interruption" or "Cyber Risk" is also strong for specialized sectors such as insurance; for the latter, for example, the great use of smart working from home implies a significant increase in the risk of claims resulting from the loss of sensitive data or caused by criminal intrusions, events facilitated by less robust and more easily permeable home security protocols compared to corporate firewalls and Information Technology structures normally operating in offices. To understand how widespread the shock due to Covid-19 is in the insurance industry, it is sufficient to analyze what is happening in a particular sector such as Aerospace. The work presented intends to investigate and deepen these aspects, as well as the response in terms of insurance policies that the market is offering.