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10/06/2020 - Preliminary data for 2019 show that pension funds held USD 32.3 trillion in the OECD area and USD 0.7 trillion in 29 other jurisdictions. The US exhibited the largest amount of assets in pension funds at end-2019 (USD 18.8 trillion), followed by the UK (USD 3.6 trillion), Australia (USD 1.8 trillion), Netherlands (USD 1.7 trillion), Canada (USD 1.5 trillion),Japan (USD 1.4 trillion) and Switzerland (USD 1.0 trillion).
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In addition to the health consequences of the COVID-19 pandemic, both individuals and businesses face significant costs and losses. This note reviews the potential coverage available for COVID-19 related losses across different lines of insurance business and provides a high-level assessment of the availability of coverage based on common industry practices as of April 2020.
Disasters present a broad range of human, social, financial, economic and environmental impacts, with potentially long-lasting, multi-generational effects. The financial management of these impacts is a key challenge for individuals and governments in developed and developing countries. The OECD supports the development of strategies for the financial management of natural and man-made disaster risks.
The Australian Reinsurance Pool Corporation (ARPC) initiated a research study on the threat of cyber-terrorism in Australia, including the nature and cost of physical damage to commercial property (including business interruption) which may be caused by acts of cyber terrorism. This OECD report provides an analysis and assessment of insurance coverage and options for extending ARPC coverage.
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Enhancing the Availability of Data for Cyber Insurance Underwriting
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This report examines the potential role of governments in encouraging greater clarity and consistency in the products that are being offered and how legislation, regulation, guidance and other public policy measures impact the variation in scope and form of insurance coverage for cyber risk.
In an era of increasing reliance on digital technologies – and the increasing exposure to cyber risks that accompanies that reliance – insurance for cyber risks can make an important contribution to providing financial protection and helping policyholders prevent and respond to cyber incidents.
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This report examines how OECD and non-OECD countries are regulating and supervising insurance intermediation, focussing on market conduct rules as well as rules related to digitalisation of intermediation. It considers areas which require further investigation to address potential conflicts of interest.
While much benefit can be expected from big data and AI, there are also a number of risks that require policy considerations. General guidance or regulation related to the use of big data and application of AI could eventually be developed by governments, and the insurance sector should be prepared to incorporate them in their specific context.