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现在设计真正的灾难保险的机会

The pandemic and subsequent economic recession has highlighted a protection gap in catastrophe insurance.根据日内瓦协会, less than 1% of the estimated $4.5 trillion global pandemic-induced GDP loss for 2020 will be covered by business interruption insurance.

成立于2011年,the European Insurance and Occupational Pensions Authority (EIOPA)is the European body responsible for insurance and occupational pensions. The EIOPA’s first chairman, Gabriel Bernardino, is retiring next month, and BRINK spoke to him about the need for shared resilience and public-private partnerships to help bridge this gap.

BERNARDINO: I think there is a clear recognition from all parties, that the current situation — when we look at the coverage of business interruption — is far from optimal. It creates risks for the companies and reputational risks for the insurance market.

需要公私私人解决方案

I think we can do better collectively as a society to deal with these risks. There are different views, but I think that there is a high level of support for an approach that would combine public and private engagements in order to maximize the COVID-19 agenda and to have a better management of these risks out there.

There are solutions in the form of insurance and reinsurance mechanisms. What is needed at the end of the day is political willingness and political decision to move ahead.

边缘:Does the EIOPA have a view as to how to bridge this protection gap?

Bernardino:我们这里的角色是提出解决方案,这就是我们一直在做的。我们7月份发布了一篇论文骨架概述这些共同恢复能监解决方案的概况,我们一直在讨论欧盟委员会。

Better Data Is Needed

非损坏业务中断是一种准系统的风险。这些风险不可能由保险部门待处理。我们提出的是这项共同恢复力解决方案的三个要素。一个是真的有更好的风险评估。

值得清楚的是,大流行表明,需要改善与流行病的后果相关的建模和数据可用性。需要更好的风险评估和更好的数据收集。

其次,预防和缓解的作用至关重要。当我们谈论的时候,它的预防和缓解可以,应该是不仅由政府提供的,而且应该被经济的不同公司和保险公司。

聘请保险公司进行风险转移

For the risk transfer, we propose a four layer solution. Firstly, direct insurers will need to have a role because insurance companies need to have some skin in the game. So there needs to be some coverage done by the insurance sector to participate in its common effort. It’s the role of the insurance that should go beyond just the role of conveying money from the public side to the policyholders.

A second layer is for the reinsurance market to have different elements; it can be pools that we have seen that developed in some countries, but also some alternative risk transfer mechanisms.

Thirdly, there will be a role for governments at the national level in excess of the private market capacity.

Finally, a fourth layer should be an EU-level support mechanism that could have different nuances. One possibility could be to have a new reinsurance solution on top of what is insured by the other layers.

边缘:欧盟在他们接受这种作用的回应是什么?

BERNARDINO: Well, the EU Commission is now looking at this contribution from our side. It’s also looking at the lessons that can be taken from the crisis in terms of the costs of this business interruption in the different countries.

没有政治意识和支持,在这个领域继续前进是不可能的。我认为欧洲委员会严重看待这一点已经非常积极,但我无法预料到政治决定。

What we’re seeing right now is reinsurers tightening the wording of the contracts and explicitly excluding this risk. The situation will only be worse if we do nothing, and in the end, governments will pay.

边缘:您认为这是否有一种替代风险融资机制和资本市场的作用?

BERNARDINO: Of course, alternative risk transfer mechanisms and the capital markets are quite relevant in terms of transferring risks — and we have seen that in different types of situations with other types of risks. Now, is it an easy solution? No..

Engaging the Capital Markets

通常资本市场宁愿在经济角度或金融市场视角完全不相关的风险中发挥作用。这种风险并非如此,但如果我们避免复杂性 - 如果我们可以减少道德风险,以便我们定义转移和覆盖范围的方式定义风险 - 那么我认为这些都会有所帮助拥有更标准化的风险覆盖率,这些风险覆盖率更适合放在资本市场中。

我们需要使用简单的触发机制来拥有标准化和简单的简单,以确保在资本市场方面提供足够透明的。

边缘:您认为您在该领域的工作如何将是将其施加到其他类型的灾难?

BERNARDINO: We recently published a pilot risk dashboard that looked at different perils in European countries. We arrived at the conclusion that if you look at the last 10 years, only 35% of the losses of those natural catastrophes throughout Europe were covered by insurance.

So there is clearly a protection gap in this area and there are solutions: There are already some of the solutions in place, quite similar to what we propose to them, to the shared resilient solutions.

减轻气候变化

边缘:And presumably at a political level, there would be openness to that idea as a mechanism for handling climate change.

BERNARDINO: As you know now, everything related to climate change is a hugely important and central element of EU politics. The green agenda is one of the main objectives of the European Commission. So I really hope that this can also contribute to having this discussion at the political level and to take decisions going forward.

That’s why we have been looking at the possibilities of having multi-peril approaches because we have come out with this proposal specifically for the pandemic, but these are solutions that can also be applied in other types of risks.

In order to deal with this properly, we need to have a combination of EU and national implementation. If we just have one of the legs, I don’t think that this will change the picture very much.

我们对此的关键贡献是尝试将这两个要素在一个全面的框架中聚集在一起,这将使未来的这种情况变得更好。

If Nothing Is Done, It’ll Be Worse Next Time

I think that if nothing gets done, the consequences for the next pandemic will be even worse. The numbers suggest only around 1% of the costs induced by the pandemic in terms of business interruption have coverage worldwide.

But even that number will not be covered in the next pandemic, because what we’re seeing right now is reinsurers tightening the wording of the contracts and explicitly excluding this risk. The situation will only be worse if we do nothing, and in the end, governments will pay.

这些共同的弹性解决方案可以带来更高效和有效的方式处理这些成本,然后为这些成本提供资金。在您假设的任何一种责任方面,可能会出现逐步的方法:它可以从一些简单的触发机制和参数保险开始,但最终,所有这些都会对成员国更好。

的消息,我一直在通过政治lly, and I hope that this time we can take the right approach. With the recovery, the opportunity is now.

Gabriel Bernardino

Chairman of The European Insurance and Occupational Pensions Authority

Gabriel Bernardino是董事长European Insurance and Occupational Pensions Authority(EIOPA). He is responsible for the strategic direction of EIOPA and represents the authority at the council of the European Union, the European Commission, and the European Parliament. Mr. Bernardino is the first chairperson of EIOPA. Prior to his current role, Mr. Bernardino was the director general of the Directorate for Development and Institutional Relations at the Instituto de Seguros de Portugal (ISP).

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