News - Contributors

Pricing in general insurance: a new perspective

By Octavian COSENCO, Member of the ARA Board
"Tesla Invites Actuaries to Help It Create a "Revolutionary" Insurance Company" (https://www.insurancejournal.com, July 24, 2020). The title of the article is edifying: Tesla, one of the largest, if not the largest, car companies in the world - in any case one of the most well-known and revolutionary companies - is in the search for actuaries with specific qualities (quoted from the article: "good at math "," [with] high energy "," wanting to change things ") for implementing of a idea which they regard as "revolutionary".





Protecting businesses for the pandemic risk needs a government-backed cooperative solution

With hundreds of thousands of small and middle-sized businesses closed because of the anti-pandemic measures imposed by governments all over the world, business losses are spiraling, threatening to kneel a huge number of entrepreneurs. In search of survival solutions, many of these SMEs have turned to their business interruption insurance for relief. Yet, the typical policy excludes losses stemming from pandemics.

Risk Management during the Pandemic

Under the extraordinary effects of COVID - 19, all players in the economic structure are preparing for their most efficient detective actions. As an initial reaction from the banking sector, ECB asked from the European banks about checking their business continuity plans and making quick amendments according to their gaps. A similar reaction to the insurance sector could be performed soon by EIOPA as well.