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Insurance Role for Handling the COVID-19 impact on Business and Society

Author

Listed:
  • Susanna Levantesi

    (Sapienza University of Rome, Italy)

  • Gabriella Piscopo

    (University of Naples Federico II, Italy)

Abstract

IThe insurance industry plays a key role in the exceptional circumstances characterized by losses unexpected, including catastrophic events and pandemics. In the last months, the COVID-19 has caused significant transformations to business activities and societal changes following the lock down and the other restrictive political measures to contrast the diffusion of the virus. In this work we discuss the capacity of the insurance industry to handle the economic consequences of the COVID-19 on business and society and the limits resulting from the impact of the pandemic on the sector itself. We outline the insurance coverage opportunities for society, in term of life and health insurance, and for business, focusing on business interruption and cyber risk protection.

Suggested Citation

  • Susanna Levantesi & Gabriella Piscopo, 2020. "Insurance Role for Handling the COVID-19 impact on Business and Society," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 9(4), pages 183-191, December.
    • Handle: RePEc:ods:journl:v:9:y:2020:i:4:p:183-191
    as

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    References listed on IDEAS

    as
    1. Scott E. Harrington, 2009. "The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 76(4), pages 785-819, December.
    2. Peter Haiss & Kjell Sümegi, 2008. "The relationship between insurance and economic growth in Europe: a theoretical and empirical analysis," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 35(4), pages 405-431, September.
    3. Christoph Kaserer & Christian Klein, 2019. "Systemic Risk in Financial Markets: How Systemically Important Are Insurers?," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 86(3), pages 729-759, September.
    4. Gaganis, Chrysovalantis & Liu, Liuling & Pasiouras, Fotios, 2015. "Regulations, profitability, and risk-adjusted returns of European insurers: An empirical investigation," Journal of Financial Stability, Elsevier, vol. 18(C), pages 55-77.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    COVID-19; catastrophic risk; insurance business; societal changes;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • I13 - Health, Education, and Welfare - - Health - - - Health Insurance, Public and Private

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