Emerging Risks: Climate Change, Pandemics, and Catastrophe
Climate risks, natural catastrophes, and pandemics are emerging risks that could potentially threaten the very existence of human civilization. Climate change has contributed to the record number of natural catastrophes in recent years, including heatwaves, wildfires, hurricanes, and snowstorms. The ongoing Covid-19 pandemic has already caused hundreds of millions and caused millions of fatalities worldwide and shows no end in sight. Understanding the risks is a challenge that often entails concerted efforts from researchers in different disciplines.
This session will be chaired by Professor Roger Laeven. The invited speakers for this session are Dr. Loïc Berger from IESEG School of Management and Professor Stéphane Loisel from the Université de Lyon.
Emerging Risks: Cyber Risk
Cyber risk is a rising concern for organizations in both the public and private sectors. The World Economic Forum’s Global Risks Report 2018 names cyberattacks and cyber warfare as a top cause of disruption in the next five years. It reported that “almost 40 percent of all industrial control systems and critical infrastructure faced a cyberattack at some point in the second half of 2017.” Cyber risk is difficult to model due to scarcity of data, adaptive nature of cyber-attacks, etc. In the actuarial literature, there is growing interest to quantify, assess and price cyber risk.
This session will be chaired by Professor Hansjörg Albrecher. The invited speakers for this session are Professor Martin Eling from the University of St. Gallen and Professor Matthias Scherer from the Technical University of Munich.
Insurance Technology: Telematics Data Analysis
Telematics, combining telecommunications with informatics, refers to the integrated use of telecommunication devices and information technologies to store, receive and transmit information. There is a growing list of applications of telematics in the insurance industry: smart home systems for homeowners insurance, wearable technology within life insurance, health telematics, and most commonly, Usage-Based Insurance (UBI) by recent auto insurance innovation. With the help of telematics devices or mobile apps, UBI collects premiums based on the use of the vehicle and driving behavior. The actuarial implications of UBI for fair risk classification and a more equitable premium rating gained many researchers’ attention, and there is rapid growth in the literature on telematics.
This session will be chaired by Professor Andrei Badescu. The invited speakers for this session are Professor Montserrat Guillén from The University of Barcelona and Professor Mario Wüthrich from ETH Zurich.