The main role of the insurance sector is the coverage of risks through pooling
techniques. Against the payment of a premium, the insurance company compensates
for unexpected losses, including catastrophic events and pandemics. However,
differently from a catastrophic event, the COVID-19 pandemic has highlighted that
the global impact on economic and financial activities is highly correlated. The
insurance sector itself has been strongly affected both by the exponential growth of
claims in the life and non-life sectors and by the negative impact on financial
activities. Past experiences in pandemic risk management have been unsuccessful.
This paper retraces the instruments issued following the past pandemics and tries to
reflect on how the insurance sector can implement innovative solutions to support
JEL classification numbers: G22.
Keywords: COVID-19, Catastrophic risk, Insurance sector, Pandemic risk,