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SUMMARY:Binary Stars: How Crime Shapes Insurance and Insurance Shapes Crim
 e  - Anja Shortland\, King's College London
DTSTART:20230214T140000Z
DTEND:20230214T150000Z
UID:TALK195223@talks.cam.ac.uk
CONTACT:Kieron Ivy Turk
DESCRIPTION:Crime creates demand for insurance but supplying insurance can
  inadvertently promote crime. How do insurers reduce uncertainty\, pay-out
 s\, and their exposure to extreme and correlated losses from crime? And ho
 w do criminals respond to insurers’ attempts to “manage” crime? In t
 his paper we conceptualize insurance and certain types of crime as binary 
 stars\, co-evolving as each side innovates and responds to the other side
 ’s innovations. We examine this in five case studies: auto theft\, art t
 heft\, kidnap and hijack for ransom\, ransomware\, and payment card fraud.
  We find that insurers counter criminal innovations that challenge profits
  by engaging with insureds and third parties: to reduce criminal opportuni
 ties\, limit damage\, salvage stolen property and cap criminal profits. Th
 ey also increase the risk of detection\, capture\, and conviction of crimi
 nals that defy the (implicit) rules of the game. Across the case studies\,
  “insurance as crime governance” follows a market logic: it erects bar
 riers to opportunistic crime and engages in strategic interaction with sop
 histicated and organized crime. Insurance tolerates crime if prevention is
  costlier than covering losses and avoids covering non-profit-motivated cr
 imes.
LOCATION:Webinar &amp\; FW11\, Computer Laboratory\, William Gates Buildin
 g.
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