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The Boundary of the Market for Biosecurity Risk

机译：生物安全风险市场的边界

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摘要

Imported goods create value in destination countries but also create biosecurity risk. Although widely used in other domains of the economy, risk markets have not been created to manage losses that occur when exotic pests and diseases are introduced with traded goods. In this article we show that not all biosecurity risks are insurable. Losses arising from effort needed to detect and respond to exotic pests and diseases that breach national borders appear to be insurable because entry of these threats and consequent response costs, can be regarded as random events. As pests and diseases establish and spread, however, loss of access to export markets and productivity losses display systematic risk and appear to be uninsurable. Other insurability criteria support this definition of the boundary of biosecurity risk markets.We use the Australian biosecurity system as an example, although the framework described in this study will be applicable to biosecurity systems worldwide. We argue that biosecurity risk insurance could be incorporated into the current biosecurity system but would require legislation mandating importers to purchase insurance. Advantages of actuarial pricing of biosecurity risk are: (i) an increase in economic efficiency to the extent that importers respond to the price of biosecurity risk; (ii) financial sustainability would improve because actuarial pricing creates a structural link between funds available for biosecurity activities and risk exposure; and (iii) equity issues evident in the current biosecurity system could be addressed because risk creators (importers) would fund response activities through the purchase of insurance.
机译：进口商品在目的地国家创造价值，但也会创造生物安全风险。虽然广泛用于经济的其他领域，但尚未创建风险市场来管理当与交易商品引入异国害虫和疾病时发生的损失。在本文中，我们表明并非所有生物安全风险都无法保险。从努力所需的损失来检测和响应违规的害虫和疾病，违反国家边界的疾病似乎是可保险的，因为这些威胁的进入和随之而来的响应成本可以被视为随机事件。然而，随着害虫和疾病的建立和传播，丧失出口市场和生产力损失显示系统风险，似乎是不明测的。其他保险标准支持这种定义生物安全风险市场的边界。我们用澳大利亚生物安全系统为例，尽管本研究中描述的框架将适用于全球生物安全系统。我们认为，生物安全风险保险可以纳入当前的生物安全制度，但需要立法授权进口商购买保险。生物安全风险的精算定价的优势是：（i）进口商对生物安全风险的价格的程度提高经济效率; （ii）财务可持续性将改善，因为精算定价在可用于生物安全活动和风险敞口的资金之间创造了结构联系; （iii）目前的生物安全系统中明显的股权问题可以解决，因为风险创造者（进口商）将通过购买保险资助反应活动。

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  • 来源
    《Risk analysis》 |2021年第8期|1447-1462|共16页
  • 作者

    Stoneham Gary; Hester Susan M.; Li Johnny Siu-Hang; Zhou Rui; Chaudhry Atibhav;

  • 作者单位

    Univ Melbourne Ctr Market Design Parkville Vic Australia;

    Univ Melbourne Ctr Excellence Biosecur Risk Anal Parkville Vic Australia|Univ New England New England Business Sch Armidale NSW Australia;

    Univ Melbourne Ctr Actuarial Studies Parkville Vic Australia;

    Univ Melbourne Ctr Actuarial Studies Parkville Vic Australia;

    Univ Melbourne Ctr Actuarial Studies Parkville Vic Australia;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Actuarial pricing; biosecurity risk; insurance;

    机译：精算定价;生物安全风险;保险;

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