COVID-19 crisis and resilience: challenges for the insurance sector

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 post-pandemic resilience

A random forest algorithm to improve the Lee–Carter mortality forecasting: impact on q-forward

Increased life expectancy in developed countries has led researchers to pay more attention to mortality projection to anticipate changes in mortality rates. Following the scheme proposed in Deprez et al. (Eur Actuar J 7(2):337–352, 2017) and extended by Levantesi and Pizzorusso (Risks 7(1):26, 2019), we propose a novel approach based on the combination of random forest and two-dimensional P-spline, allowing for accurate mortality forecasting. This approach firstly provides a diagnosis of the limits of the Lee–Carter mortality model through the application of the random forest estimator to the ratio between the observed deaths and their estimated values given by a certain model, while the two-dimensional P-spline are used to smooth and project the random forest estimator in the forecasting phase. Further considerations are devoted to assessing the demographic consistency of the results. The model accuracy is evaluated by an out-of-sample test. Finally, we analyze the impact of our model on the pricing of q-forward contracts. All the analyses have been carried out on several countries by using data from the Human Mortality Database and considering the Lee–Carter model

Preface: recent developments in financial modelling and risk management

In the last decade, a wide range of innovative financial instruments has taken by storm the financial markets. In 2015 for instance, the European Commission (EC) introduced the definition of “innovative financial instruments” as instruments that are complementary to grants or subsidies and as part of a move towards a smarter “funding mix”. Loans, equity and quasi-equity instrument and guarantees are considered as a particularly effective way to increase and enhance the impact of EU funding while compared to the traditional grant-based system (EC, 2015), therefore, they represent a way to further promote a more responsible, result-oriented use of European funds by the corporate world

Longevity risk and economic growth in sub-populations: evidence from Italy

Forecasting mortality is still a big challenge for Governments that are interested in reliable projections for defining their economic policy at local and national level. The accuracy of mortality forecasting is considered an important issue for longevity risk management. In the literature, many authors have analyzed the long-run relationship between mortality evolution and socioeconomic variables, such as economic growth, unemployment rate or educational level. This paper investigates the existence of a link between mortality and real gross domestic product per capita (GDPPC) over time in the Italian regions. Empirical evidence shows the presence of a relationship between mortality and the level of real GDPPC (and not its trend). Therefore, we propose a multi-population model including the level of real GDPPC and we compare it with the Boonen–Li model (Boonen and Li in Demography 54:1921–1946, 2017). The validity of the model is tested in the out-of-sample forecasting experiment

Predictive Value of MR-proADM in the Risk Stratification and in the Adequate Care Setting of COVID-19 Patients Assessed at the Triage of the Emergency Department

In the past two pandemic years, Emergency Departments (ED) have been overrun with COVID-19-suspicious patients. Some data on the role played by laboratory biomarkers in the early risk stratification of COVID-19 patients have been recently published. The aim of this study is to assess the potential role of the new biomarker mid-regional proadrenomedullin (MR-proADM) in stratifying the in-hospital mortality risk of COVID-19 patients at the triage. A further goal of the present study is to evaluate whether MR-proADM together with other biochemical markers could play a key role in assessing the correct care level of these patients. Data from 321 consecutive patients admitted to the triage of the ED with a COVID-19 infection were analyzed. Epidemiological; demographic; clinical; laboratory; and outcome data were assessed. All the biomarkers analyzed showed an important role in predicting mortality. In particular, an increase of MR-proADM level at ED admission was independently associated with a threefold higher risk of IMV. MR-proADM showed greater ROC curves and AUC when compared to other laboratory biomarkers for the primary endpoint such as in-hospital mortality, except for CRP. This study shows that MR-proADM seems to be particularly effective for early predicting mortality and the need of ventilation in COVID-19 patients admitted to the ED

Nutraceutical therapies for atherosclerosis

Atherosclerosis is a chronic inflammatory disease affecting large and medium arteries and is considered to be a major underlying cause of cardiovascular disease (CVD). Although the development of pharmacotherapies to treat CVD has contributed to a decline in cardiac mortality in the past few decades, CVD is estimated to be the cause of one-third of deaths globally. Nutraceuticals are natural nutritional compounds that are beneficial for the prevention or treatment of disease and, therefore, are a possible therapeutic avenue for the treatment of atherosclerosis. The purpose of this Review is to highlight potential nutraceuticals for use as antiatherogenic therapies with evidence from in vitro and in vivo studies. Furthermore, the current evidence from observational and randomized clinical studies into the role of nutraceuticals in preventing atherosclerosis in humans will also be discussed

Quantitative image analysis for the characterization of microbial aggregates in biological wastewater treatment : a review

Quantitative image analysis techniques have gained an undeniable role in several fields of research during the last decade. In the field of biological wastewater treatment (WWT) processes, several computer applications have been developed for monitoring microbial entities, either as individual cells or in different types of aggregates. New descriptors have been defined that are more reliable, objective, and useful than the subjective and time-consuming parameters classically used to monitor biological WWT processes. Examples of this application include the objective prediction of filamentous bulking, known to be one of the most problematic phenomena occurring in activated sludge technology. It also demonstrated its usefulness in classifying protozoa and metazoa populations. In high-rate anaerobic processes, based on granular sludge, aggregation times and fragmentation phenomena could be detected during critical events, e.g., toxic and organic overloads. Currently, the major efforts and needs are in the development of quantitative image analysis techniques focusing on its application coupled with stained samples, either by classical or fluorescent-based techniques. The use of quantitative morphological parameters in process control and online applications is also being investigated. This work reviews the major advances of quantitative image analysis applied to biological WWT processes.The authors acknowledge the financial support to the project PTDC/EBB-EBI/103147/2008 and the grant SFRH/BPD/48962/2008 provided by Fundacao para a Ciencia e Tecnologia (Portugal)

Assicurazioni long term care con garanzia dread disease

Collana: Rapporti Scientifici AMASE