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Providing pandemic business interruption coverage with double trigger cat bonds.

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Qualified investors can enhance pandemic protection using catastrophe bonds (cat bonds). This study introduces innovative PBI bonds with dual triggers for efficient business interruption coverage, addressing pandemic-specific risks.

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Area of Science:

  • Financial Risk Management
  • Insurance Innovation
  • Pandemic Preparedness

Background:

  • Standard insurance and reinsurance may be insufficient for widespread pandemic-related business interruptions.
  • Pandemic risks exhibit positive correlations, challenging traditional risk transfer mechanisms.

Purpose of the Study:

  • To demonstrate how qualified investors in catastrophe bonds can provide pandemic business interruption protection.
  • To propose and analyze a novel public-private coverage scheme utilizing catastrophe bonds.
  • To introduce and evaluate "PBI bonds" (pandemic business interruption bonds) for efficient coverage.

Main Methods:

  • Development of a numerical model to assess cat bond contributions to pandemic risk coverage.
  • Introduction of double-trigger PBI bonds with triggers based on WHO declarations and modeled business interruption losses.
  • Simulation of PBI bonds in the French restaurant industry using COVID-19 data.

Main Results:

  • Cat bonds can complement traditional re/insurance by improving cedent coverage during pandemics.
  • PBI bonds offer a structured approach to pandemic business interruption protection.
  • Analysis highlights critical issues such as moral hazard, basis risk, correlation, and liquidity.

Conclusions:

  • Catastrophe bonds, specifically PBI bonds, represent a viable tool for enhancing pandemic business interruption protection within public-private partnerships.
  • The proposed PBI bond structure, with its dual triggers, can effectively address pandemic-specific financial risks.
  • Further research and simulation are crucial for refining these instruments and addressing associated challenges.