Pandemics: Insurance and Social Protection

1. Front Matter

   Pages i-xx

   PDF

2. COVID-19: A Trigger for Innovations in Insurance?

   • María del Carmen Boado-Penas, Julia Eisenberg, Şule Şahin

   Pages 1-12Open Access

3. Epidemic Compartmental Models and Their Insurance Applications

   • Runhuan Feng, José Garrido, Longhao Jin, Sooie-Hoe Loke, Linfeng Zhang

   Pages 13-40Open Access

4. Some Investigations with a Simple Actuarial Model for Infections Such as COVID-19

   • A. D. Wilkie

   Pages 41-60Open Access

5. Stochastic Mortality Models and Pandemic Shocks

   • Luca Regis, Petar Jevtić

   Pages 61-74Open Access

6. A Mortality Model for Pandemics and Other Contagion Events

   • Gary Venter

   Pages 75-94Open Access

7. Risk-Sharing and Contingent Premia in the Presence of Systematic Risk: The Case Study of the UK COVID-19 Economic Losses

   • Hirbod Assa, Tim J. Boonen

   Pages 95-126Open Access

8. All-Hands-On-Deck!—How International Organisations Respond to the COVID-19 Pandemic

   • María del Carmen Boado-Penas, Gustavo Demarco, Julia Eisenberg, Kristoffer Lundberg, Şule Şahin

   Pages 127-142Open Access

9. Changes in Behaviour Induced by COVID-19: Obedience to the Introduced Measures

   • Nuria Badenes-Plá

   Pages 143-161Open Access

10. COVID-19 and Optimal Lockdown Strategies: The Effect of New and More Virulent Strains

    • Jonathan P. Caulkins, Dieter Grass, Gustav Feichtinger, Richard F. Hartl, Peter M. Kort, Alexia Prskawetz et al.

    Pages 163-190Open Access

11. Diagnostic Tests and Procedures During the COVID-19 Pandemic

    • Sherry A. Dunbar, Yi-Wei Tang

    Pages 191-216Open Access

12. Pooled Testing and Its Applications in the COVID-19 Pandemic

    • Matthew Aldridge, David Ellis

    Pages 217-249Open Access

13. Outlier Detection for Pandemic-Related Data Using Compositional Functional Data Analysis

    • Christopher Rieser, Peter Filzmoser

    Pages 251-266Open Access

14. The Legal Challenges of Insuring Against a Pandemic

    • Rachel Hillier

    Pages 267-286Open Access

15. An Actuary’s Opinion: How to Get Through a Pandemic

    • Frank Schiller

    Pages 287-298Open Access

This open access book collects expert contributions on actuarial modelling and related topics, from machine learning to legal aspects, and reflects on possible insurance designs during an epidemic/pandemic.

Starting by considering the impulse given by COVID-19 to the insurance industry and to actuarial research, the text covers compartment models, mortality changes during a pandemic, risk-sharing in the presence of low probability events, group testing, compositional data analysis for detecting data inconsistencies, behaviouristic aspects in fighting a pandemic, and insurers’ legal problems, amongst others.

Concluding with an essay by a practicing actuary on the applicability of the methods proposed, this interdisciplinary book is aimed at actuaries as well as readers with a background in mathematics, economics, statistics, finance, epidemiology, or sociology.

• Epidemics
• Risk
• Insurance
• Social protection
• Actuarial modelling
• Open Access

• Department of Mathematical Sciences, University of Liverpool, Liverpool, UK

  María del Carmen Boado-Penas, Şule Şahin‬‬‬

• FAM, TU Wien, Wien, Austria

  Julia Eisenberg

​Dr. Carmen Boado-Penas holds a Ph.D. in Actuarial Science from the University of Valencia (Spain). She has also published several articles on public pension systems and has cooperated on various projects related to pension systems at the Swedish Social Insurance Agency in Stockholm and at the Spanish Ministry of Labor and Immigration. In 2020, she received the BBVA Longevia award to support pension research. Her research interests are focused on pensions and automatic balancing mechanisms.

Dr. Julia Eisenberg is currently holding an Elise Richter fellowship, granted by FWF (Austrian Science Fund), at the Institute of Statistics and Mathematical Methods in Economics, TU Wien, Austria. She received her doctorate at the University of Cologne, Germany, in 2010 and completed her habilitation (the highest qualification issued through the process of a university examination) at the TU Wien in 2019.
Her expertise is in stochastic optimal control in complex insurance risk models. A more recent research interest is in searching for alternative pension designs during ultra-low interest rate phases.

Dr. Sule Sahin  is a lecturer in the Institute for Financial and Actuarial Mathematics, University of Liverpool. She completed her PhD at Actuarial Mathematics at Heriot-Watt University, Edinburgh in 2010 based on a PhD scholarship from Higher Education Council of Turkey.
Other than Liverpool, she held an associate professor position at Hacettepe University until September 2020. Her research interests are economic scenario generators, yield curve modelling, compensation for loss of earnings, mortality modelling, pension guarantees and prioritisation of risks in social security systems.