Covid-19 and Insurance

Preface
AIDA Europe
Contents
Abbreviations
Insurance Developments in the Light of the Occurrence of the COVID-19 Pandemic
1 The Impact of New Technologies on Insurance
2 AI and the Insurance Industry
3 Pandemic Risk and Insurance
4 Pandemic Risk and Governance
5 Product Governance and Pandemics
6 Future Actions
References
Understanding Parametric Insurance: A Potential Tool to Help Manage Pandemic Risk
1 Introduction
2 The Nature of Parametric Coverage
2.1 The Meaning of ``Parameter´´
2.2 Parametric Triggers
2.2.1 Characteristics
2.2.2 Categories of Parametric Triggers
2.2.3 Distinguishing Single-Event Triggers
2.3 Stipulated Proceeds
2.3.1 Indemnity-Based Versus Value-Based Coverage
2.3.2 Examples of Value-Based Insurance
2.4 Parametric Insurance Examples
2.4.1 Agriculture
2.4.2 Microinsurance
2.4.3 Private Sector Risk Management
2.4.4 Government Management of Catastrophe Risk
2.4.5 Supplemental Property Insurance Coverage
3 Advantages and Disadvantages of Parametric Insurance
3.1 Advantage: Speed
3.2 Advantage: Flexibility
3.3 Advantage: Cost Savings
3.4 Advantage: Innovation
3.5 Advantage: Control of Moral Hazard
3.6 Disadvantage: Novelty
3.7 Disadvantage: Basis Risk
3.8 Summary
4 Parametric Insurance and Pandemic Risk
4.1 Pandemics in Context: The Problem of Difficult Risk
4.2 Prior Efforts to Link Parametric Triggers to Pandemics
4.3 Feasibility of Extending Parametric Triggers to Pandemic Coverage
5 Conclusion
References
Business Interruption Insurance and COVID-19: A Critical Analysis of the Jurisprudence and the Response of the Spanish Insuran...
1 The Ruling of the Provincial Court of Girona of 3 February 2021 and Its Social Impact
2 The British Precedent
3 Other Rulings of the Spanish Courts and Tribunals
4 Characteristics of the Business Interruption Insurance that Gave Rise to These Litigations
5 Arguments Employed by the Parties in Litigation
5.1 Arguments of the Insured Claimants
5.2 Arguments of the Defendant Insurance Companies
6 Analysis of the Main Issues Under Discussion
6.1 On Whether a Clause Limiting or Delimiting the Risk Is that Which Makes the Coverage of the Loss of Benefits Conditional u...
6.2 Relevance of Whether the Cause of the Damage Is the Government Decision or the Pandemic
6.3 On the Relationship of the Pandemic to Force Majeure
6.4 On the Relationship Between Business Interruption and Article 4 LCS
6.5 Determination of the Amount of the Indemnity When the Condemnation of the Insurer Proceeds
7 The Insurance Sector´s Response: Present and Near Future
8 Conclusion
Legislation
Documents
Case Law
Rulings of the Spanish Supreme Court (STS):
Rulings of the Spanish Provincial Courts (SAP):
Rulings of the Spanish Courts of First Instance:
References
COVID-19 and Business Interruption Coverage in the United States: An Example of Judicial Regulation
1 Introduction
2 Judicial Regulation Described: Interpretation and Bad Faith
2.1 Judicial Regulation Through Interpretation
2.2 Judicial Regulation Through Bad Faith Law
3 Judicial Regulation Applied to COVID-19 Claims
3.1 Physical Loss or Damage
3.1.1 Physical Loss or Damages Requires Physical Alteration
3.1.2 Loss of Use Argued to be Physical Loss
3.1.3 Non-Virus Cases Involving Loss of Use of Property
3.2 The Virus Exclusion
3.3 Other Potentially Applicable Coverages
3.3.1 Business Income Coverage
3.3.2 Civil Authority Coverage
3.3.3 Communicable Disease Coverage
3.4 Additional Exclusions
3.4.1 Pollution Exclusion
3.4.2 Loss of Use Exclusion
3.4.3 Governmental Order and Acts or Decisions Exclusions
3.4.4 Ordinance or Law Exclusion
4 The Surprising Uniformity of Judicial Regulation
4.1 COVID-19 Business Income Losses Could Overwhelm the Insurance Industry
4.2 Government Actions Have Reduced the Need for Insurance Recoveries
4.3 Judicial Regulation As Internalist or Externalist: Another Example
5 Implications of Judicial Regulation of Insurance
5.1 Limitations of the Process of Judicial Regulation Compared to Administrative Regulation
5.2 Use of Administrative Regulation to Anticipate and Limit Judicial Regulation
6 Conclusions
Cases
Documents
Legislation
Website
References
American Exceptionalism: The COVID-19 Insurance Experience
1 Introduction
2 The Global Landscape for COVID-19 Pandemic-Related Business Interruption Losses
3 American Exceptionalism in Insurance Law Prior to the COVID-19 Pandemic
4 Canada: A Collectivist Plod with a Government Buffer
5 The United Kingdom: Lightning-Fast Governmental Co-Ordinated Response
6 European Union: Insurers Fall In
7 The United States: Individualist and Exceptionalist
7.1 Baked Results Before Cases Even Hit the Courts
7.2 The Individual Litigant Approach: Divide and Conquer
7.3 Judicial Decisions Dismissively Dismissive
7.4 Judicial Decisions That Are Legally Incorrect
7.5 The State-Federal Gulf: The ``Real´´ Fight
8 Conclusion
Case Law
Legislation
Documents
References
Business as (Un-) Usual
1 Introduction
2 Business Closure Insurance
2.1 Heterogenous General Conditions of Insurance
2.2 Business Closure Insurance with Named Diseases
2.3 Business Closure Insurance with Dynamic Links
2.4 Closure Order
3 Clausula Rebus Sic Stantibus (and German Corona Moratorium)
4 Effects in Other Lines of Insurance
4.1 Event Cancellation Insurance
4.2 D&O Insurance
4.3 Liability Insurance
4.4 Travel Insurance
4.5 Private Health Insurance
4.6 Life Insurance
5 Effects in Reinsurance
6 Insurance Supervisory Law
6.1 General Approach of BaFin
6.2 Contingency Plans
6.3 Risk Management
6.4 Effect in Relation to the Owners
6.5 Additional Activities of EIOPA
7 Conclusion
Legislation
References
Documents
Impact of COVID-19 on the Latin American Insurance and Reinsurance Market
1 Introduction
1.1 Overall Impact
1.2 Economic Impact of the Pandemic on the Latin American Insurance Market
2 Argentina
2.1 Impact of the Pandemic
2.2 Insurance History
2.3 Insurance and Reinsurance Regulatory Framework
2.4 Current Figures of the Argentinian Insurance and Reinsurance Market
2.5 Regulatory Updates
3 Brazil
3.1 Current Figures and History
3.2 Insurance and Reinsurance Regulatory Framework
3.3 Impacts of Pandemic on the Brazilian Insurance Market
3.4 Regulatory Updates
4 Pandemic, Insurable Interest, and Insurance Coverage
4.1 Coverage Marketed in Latin America and Potential Impact of the Pandemic
4.2 Risk
4.3 Pandemic
4.4 Surety
4.5 Operational All Risk (OAR)
4.6 Construction All Risk (CAR)
4.7 Non-Damage Business Interruption
4.8 Life Insurance
4.9 Health Insurance
4.10 Caselaw Developments
5 Lloyd´s and Insurance Policy Wordings
5.1 Why Simplifying Insurance Changes the Game
6 Future Expectations and Conclusions
References
COVID-19 Treatment Refusal: Medical Liability Insurance in Greece in Light of the Oviedo Convention
1 Introduction
2 Legal Framework for the Performance of Medical Acts
2.1 The Oviedo Convention
2.2 Patient´s Consent
2.2.1 The Right to Self-Determination as Manifested Through the Necessity of Consent for Medical Acts
2.3 Conditions for Valid Consent
2.3.1 Capacity to Consent
2.3.2 Defects in Consent/Mistake, Fraud, Threat
2.3.3 Requirement for Full, Clear and Comprehensible Information
2.4 Exceptions to the General Rule of Consent
2.4.1 Emergency, Refusal of Consent for Minors and Detainees
2.5 Section Summary
3 Physician´s Professional Liability When the Patient Does Not Consent to Medical Acts
3.1 Types of Liability
3.2 Physician´s Professional Liability When the Patient Refuses Treatment or Intubation
3.2.1 Has the Patient Been Adequately Informed?
3.2.2 Does the Covid-19 Patient Have the Capacity to Consent?
3.2.3 Is Refusal to Intubate a Result of Mistake, Deception or Threat?
3.3 Summary Overview of the Physician´s Potential Liability While Treating the Covid-19 Patient (Refusing Treatment/Intubation)
4 Medical Professional Liability Insurance
4.1 Nature
4.2 Risks Covered
4.3 Risks Not Covered: The Issue of Fault
4.4 Case Law
4.4.1 Medical Error in General
4.4.2 Lack of Informed Consent
4.5 Conclusion
Legislation
Greek Legislation
Case Law
Greek Case Law
Documents
References
The Influence of Covid-19 on Life Insurance: Polish Market Perspective
1 Introduction
2 Brief Overview of the Life Insurance Market in Poland
3 Concluding an Insurance Contract During Pandemic Times
4 Readiness for the Distribution of Life Insurance Contracts
5 Performance of the Insurance Contract: Impact of the Pandemic
6 Increase of Risk in Life Insurance
7 Claims Assessment: Obstacles
8 Decisions of Insurers: What Can Go Wrong?
9 Regulatory and Supervisory Burdens
10 Disputes and Procedures
11 Conclusion
Legislation
Documents
Case Law
References
Impact of Covid-19 on Travel and Health Insurance
1 Introduction
2 Impact of Covid-19 on Travel Insurance
2.1 Pre-Covid-19 Issues of Travel Insurance Products
2.1.1 Distribution of Travel Insurance Policies
2.1.2 Treatment of Ancillary Insurance Intermediaries
2.1.3 Level of Commissions Paid by Insurers
2.1.4 Ways in Which Travel Insurance Products Are Sold
2.1.5 Problems Connected to the Configuration of Travel Insurance Policies Themselves
2.2 Specific Impact of the Covid-19 Pandemic on Travel Insurance
2.2.1 Heterogeneous Landscape Regarding Terms and Conditions of Travel Insurance Products: Effects on Pandemics Coverage Treat...
2.2.2 Issues Arising from the Treatment Given by Insurers to Cases of Total or Partial Disappearance of the Risk Initially Cov...
2.2.3 Changes Made by Insurers in the Travel Insurance Products After the Declaration of the Pandemic
2.3 Current Situation and Future Developments of Travel Insurance in Europe
3 Impact of Covid-19 on Health Insurance
3.1 Reasons Why Health Insurance Has Demonstrated Stability Despite the Severe Impact Experienced as a Result of the Coronavir...
3.1.1 Position of Voluntary Health Insurance in the Health Systems of the European Area
3.1.2 Nature of Voluntary Health Insurance, Ways of Acquisition, and Level of Supervision of These Types of Products
3.1.3 Terms and Conditions of the Products and Performance of the Insurers During the Pandemic
3.2 Current Issues and Future Developments of Private Health Insurance Products in Europe
Legislation
Documents
References
The Impact of the Covid-19 Pandemic on the Sports Industry and Sports Insurance: Case of Novak Djokovic and Australian Open Te...
1 Introduction
2 Force Majeure and the Interpretation of Clauses and Events in Austrian Law
3 Australian Open Tennis Tournament 2022: Novak Djokovic Case
4 Insurance Policies for Sport Event Organizers and Their Stakeholders
5 Conclusion
References
Directors and Officers Insurance and COVID-19: Future Exclusions with Retroactive Application
1 Introduction
2 Claims-Made Clause in Directors and Officers Insurance
2.1 Introduction
2.2 Anglo-Saxon Version and Latin American Version
2.2.1 Anglo-Saxon Version
2.2.2 Latin American Version
2.3 Flexibility of the Claims-Made Clause
2.3.1 Retroactive Period
2.3.2 Note of Circumstances
2.3.3 Extended Notification Period
2.4 Warned Facts vs. Known Loss
3 Covid-19: Insurance Coverage
3.1 Predictability
3.2 All-Risk Insurance
3.2.1 Concept
3.2.2 Liability Insurance
3.3 Exclusions from Coverage
4 Exclusions from Covid-19 Coverage
4.1 Express Recognition by Insurance Companies of Covid-19 Coverage
4.2 Exclusions from Covid-19 Coverage for the Future
4.3 Covid-19 Coverage Exclusions for the Past
5 The Injustice of the Future Exclusions of Retroactive Application
6 Legal, Technical, and Doctrinal Foundations
6.1 Directors and Officers Insurance
6.1.1 Preliminary
6.1.2 Directors and Officers Are Insurance Consumers
6.2 Some Legal Consequences of Directors and Managers as Consumers
6.2.1 Neurosciences and Law
6.2.2 Contracts Are Not Read
6.2.3 Duty of Information
6.2.4 Artificial Intelligence and Law
6.2.5 Reasonable Expectations
6.2.6 Transparency
6.2.7 Good Faith
7 Conclusions
Documents
Legislation
References