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Fifty Years Of Us Natural Disaster Insurance Policy
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Book Synopsis Fifty Years of U.S. Natural Disaster Insurance Policy by : Kendra Marcoux
Download or read book Fifty Years of U.S. Natural Disaster Insurance Policy written by Kendra Marcoux and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The high and increasing cost of natural disasters around the world motivates a growing body of literature on the role of natural disaster insurance in adapting to climate change. This chapter reviews current challenges in both public and private natural disaster insurance markets in the United States and how the nature of these challenges has changed over the past fifty years. We discuss how the infrequent, spatially correlated, and extreme events that distinguish these markets complicate both the supply of and demand for natural disaster insurance, with spillovers to related markets such as real estate. We also highlight open questions that would be helpful to answer to inform analysis of currently proposed natural disaster insurance reforms.
Book Synopsis Paying the Price by : Richard J. Roth, Sr.
Download or read book Paying the Price written by Richard J. Roth, Sr. and published by Joseph Henry Press. This book was released on 1998-08-09 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the effectiveness of insurance coverage for low-probability, high-consequence events such as natural disastersâ€"and how insurance programs can successfully be used with other policy tools, such as building codes and standards, to encourage effective loss reduction measures. The authors discuss the reasons for the dramatic increase in insured losses from natural disasters since 1989 and the concern that insurers have about their ability to provide coverage against more such events in the future. It addresses why there has been an increasing demand for hazards insurance, what types of coverage private insurers are willing to offer, and the role of reinsurance and private-/public-sector initiatives at the state and federal levels for providing protection to victims of natural disasters. Detailed case studies of the challenges facing Florida in the wake of Hurricane Andrew in 1992 and California following the Northridge earthquake in 1994 reveal the challenges facing the insurance industry as well as other concerned stakeholders. The National Flood Insurance Program illustrates how a public-/private-sector partnership can mitigate damages and provide financial protection to victims. The book identifies new initiatives for reducing future losses and providing funds for recovery through cooperation by the relevant parties.
Author :United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Credit and Insurance Publisher : ISBN 13 : Total Pages :532 pages Book Rating :4.F/5 ( download)
Book Synopsis Insurance Availability in Communities at Risk of Natural Disaster by : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Credit and Insurance
Download or read book Insurance Availability in Communities at Risk of Natural Disaster written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Credit and Insurance and published by . This book was released on 1994 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reflections on U.S. Disaster Insurance Policy for the 21st Century by : Howard Kunreuther
Download or read book Reflections on U.S. Disaster Insurance Policy for the 21st Century written by Howard Kunreuther and published by . This book was released on 2012 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The devastation caused by hurricanes during the 2004 and 2005 seasons has been unprecedented and is forcing the insurance industry to reevaluate the role that it can play in dealing with future natural disasters in the United States. As shown in Table 1 the four hurricanes that hit Florida in the fall of 2004 -- Charley, Frances, Ivan and Jeanne--and Hurricanes Katrina and Rita in 2005 comprised half of the top 12 disasters with respect to insured losses between 1970 and 2005. On a related note, 18 of the 20 most costly disasters occurred between 1990 and 2005 and 10 occurred in the 21st Century. This context is totally different than the scale of economic loss the country has suffered from natural disasters and other extreme events in the 20th century.The first section of the paper addresses the first question by outlining two principles on which a disaster insurance program should be based. Section 3 then focuses on the second question by analyzing the insurability of a risk and examining the challenges facing the private sector in providing coverage against natural disasters. Section 4 turns to the third question and delineates the opportunities and challenges of a comprehensive disaster insurance program. Section 5 poses a set of open issues that are currently being addressed by a research project on disaster insurance undertaken by the Wharton Risk Center in conjunction with the Insurance Information Institute and Georgia State University. The concluding section summarizes the key issues associated with providing disaster insurance in the 21st century.
Download or read book Natural Disasters written by and published by . This book was released on 2008 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, much attention has been focused on the roles that the private sector and federal government play in providing insurance and financial aid before and after catastrophic events. In this context, the authors examined (1) the rationale for and resources of federal and state programs that provide natural catastrophe insurance; (2) the extent to which Americans living in catastrophe-prone areas of the United States are uninsured and underinsured, and the types and amounts of federal payments to such individuals since the 2005 hurricanes; and (3) public policy options for revising the federal role in natural catastrophe insurance markets.
Book Synopsis The Cure for Catastrophe by : Robert Muir-Wood
Download or read book The Cure for Catastrophe written by Robert Muir-Wood and published by Basic Books. This book was released on 2016-09-06 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: We can't stop natural disasters but we can stop them being disastrous. One of the world's foremost risk experts tells us how. Year after year, floods wreck people's homes and livelihoods, earthquakes tear communities apart, and tornadoes uproot whole towns. Natural disasters cause destruction and despair. But does it have to be this way? In The Cure for Catastrophe, global risk expert Robert Muir-Wood argues that our natural disasters are in fact human ones: We build in the wrong places and in the wrong way, putting brick buildings in earthquake country, timber ones in fire zones, and coastal cities in the paths of hurricanes. We then blindly trust our flood walls and disaster preparations, and when they fail, catastrophes become even more deadly. No society is immune to the twin dangers of complacency and heedless development. Recognizing how disasters are manufactured gives us the power to act. From the Great Lisbon Earthquake of 1755 to Hurricane Katrina, The Cure for Catastrophe recounts the ingenious ways in which people have fought back against disaster. Muir-Wood shows the power and promise of new predictive technologies, and envisions a future where information and action come together to end the pain and destruction wrought by natural catastrophes. The decisions we make now can save millions of lives in the future. Buzzing with political plots, newfound technologies, and stories of surprising resilience, The Cure for Catastrophe will revolutionize the way we conceive of catastrophes: though natural disasters are inevitable, the death and destruction are optional. As we brace ourselves for deadlier cataclysms, the cure for catastrophe is in our hands.
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781976382062 Total Pages :90 pages Book Rating :4.3/5 (82 download)
Book Synopsis Natural Disasters by : United States Government Accountability Office
Download or read book Natural Disasters written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, much attention has been focused on the roles that the private sector and federal government play in providing insurance and financial aid before and after catastrophic events. In this context, GAO examined (1) the rationale for and resources of federal and state programs that provide natural catastrophe insurance; (2) the extent to which Americans living in catastrophe-prone areas of the United States are uninsured and underinsured, and the types and amounts of federal payments to such individuals since the 2005 hurricanes; and (3) public policy options for revising the federal role in natural catastrophe insurance markets. To address these questions, GAO analyzed state and federal programs, examined studies of uninsured and underinsured homeowners and federal payments to them, identified and analyzed policy options, and interviewed officials from private and public sectors in both high- and low-risk areas of the United States. GAO also developed a four-goal framework to help analyze the available options.
Book Synopsis Natural Disasters by : United States. Government Accountability Office
Download or read book Natural Disasters written by United States. Government Accountability Office and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, much attention has been focused on the roles that the private sector and federal government play in providing insurance and financial aid before and after catastrophic events. In this context, GAO examined (1) the rationale for and resources of federal and state programs that provide natural catastrophe insurance; (2) the extent to which Americans living in catastrophe-prone areas of the United States are uninsured and underinsured, and the types and amounts of federal payments to such individuals since the 2005 hurricanes; and (3) public policy options for revising the federal role in natural catastrophe insurance markets. To address these questions, GAO analyzed state and federal programs, examined studies of uninsured and underinsured homeowners and federal payments to them, identified and analyzed policy options, and interviewed officials from private and public sectors in both high- and low-risk areas of the United States. GAO also developed a four-goal framework to help analyze the available options. The federal government and some states have developed natural catastrophe insurance programs that supplement or substitute for private natural catastrophe insurance. These programs were created because homeowner coverage for catastrophic events is often not available from private insurers at prices deemed affordable by insurance regulators. Large losses associated with natural catastrophes are some of the biggest exposures that insurers face. Particularly in catastrophe-prone locations, government insurance programs have tended not to charge premiums that reflect the actual risks that homeowners face, resulting in financial deficits. After a resource-depleting disaster, the programs have postfunded themselves through, among other sources, payments from insurance companies and policyholders and appropriations from state and federal taxpayers. Large numbers of Americans are not insured for natural catastrophes. Homeowners may not purchase natural catastrophe insurance because doing so is voluntary and they may not believe that the risk justifies the expenditure. In addition, some homes may be underinsured--that is, not insured for the full replacement value. GAO estimates that the federal government made about $26 billion available to homeowners who lacked adequate insurance in response to the 2005 Hurricanes Katrina, Rita, and Wilma. Given the unsustainable fiscal path of federal and state governments, they will be challenged to maintain their current fiscal role. As Congress reevaluates the role of the federal government in insuring for natural catastrophes, Congress is faced with balancing the often-competing goals of ensuring that citizens are protected and limiting taxpayer exposure. This report examines seven public policy options for changing the federal government's role, including establishing an all-perils homeowner insurance policy, providing reinsurance for state catastrophe funds, and creating a mechanism to provide federal loans for state catastrophe funds. Each option has advantages and disadvantages, especially when weighed against competing public policy goals. For example, establishing an all-perils homeowner policy is a private sector approach that could help create broad participation. But low-income residents living in parts of the United States with high catastrophe risk could require subsidies, resulting in costs to the government. Similarly, federal reinsurance for state programs could lead to broader coverage, but could displace private reinsurance. GAO also identified several policy options for tax-based incentives for insurance companies, homeowners, investors, and state governments. But these options, which could help recipients better address catastrophe risk, could also result in ongoing costs to taxpayers. While some options would address the public policy goals of charging risk-based rates, encourage broad participation, or promote greater private sector participation, these policy goals need to be balanced with the desire to make rates affordable.
Book Synopsis The Geography of Risk by : Gilbert M. Gaul
Download or read book The Geography of Risk written by Gilbert M. Gaul and published by Sarah Crichton Books. This book was released on 2019-09-03 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This century has seen the costliest hurricanes in U.S. history—but who bears the brunt of these monster storms? Consider this: Five of the most expensive hurricanes in history have made landfall since 2005: Katrina ($160 billion), Ike ($40 billion), Sandy ($72 billion), Harvey ($125 billion), and Maria ($90 billion). With more property than ever in harm’s way, and the planet and oceans warming dangerously, it won’t be long before we see a $250 billion hurricane. Why? Because Americans have built $3 trillion worth of property in some of the riskiest places on earth: barrier islands and coastal floodplains. And they have been encouraged to do so by what Gilbert M. Gaul reveals in The Geography of Risk to be a confounding array of federal subsidies, tax breaks, low-interest loans, grants, and government flood insurance that shift the risk of life at the beach from private investors to public taxpayers, radically distorting common notions of risk. These federal incentives, Gaul argues, have resulted in one of the worst planning failures in American history, and the costs to taxpayers are reaching unsustainable levels. We have become responsible for a shocking array of coastal amenities: new roads, bridges, buildings, streetlights, tennis courts, marinas, gazebos, and even spoiled food after hurricanes. The Geography of Risk will forever change the way you think about the coasts, from the clash between economic interests and nature, to the heated politics of regulators and developers.
Download or read book Earthquake Insurance in Turkey written by and published by World Bank Publications. This book was released on 2006-01-01 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: The persistent potential for large scale natural disasters has become a real concern for the Turkish government since the late 1990s, which ultimately led to the establishment of the Turkish Catastrophe Insurance Pool (TCIP). Among the main rationale of the creation of the TCIP were a grave government fiscal exposure to natural disasters and a disproportionately low level of catastrophe insurance penetration for such a disaster-prone country. Since the commencement of this program in 2000, the TCIP has provided coverage to more than 2 million households, being by far the largest insurance program in the country. In four years, the TCIP has managed to become one of the most trusted brand names in the Turkish insurance industry, and one of the largest catastrophe insurance pools in the world. Its success has also brought an international recognition, inspiring more than a dozen of countries world wide. The TCIP experience has also been a watershed for the World Bank as it has led to a rethinking of the roles of ex ante risk management relative to ex post donor support. This book presents the main technical imperatives and challenges in the development and the implementation of the TCIP and shows how a public-private partnership may be the way forward in the financing of natural disasters. If offers valuable advise and guidelines to policymakers involved in the development of catastrophe insurance programs.
Download or read book At Risk written by Piers Blaikie and published by Routledge. This book was released on 2014-01-21 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: The term 'natural disaster' is often used to refer to natural events such as earthquakes, hurricanes or floods. However, the phrase 'natural disaster' suggests an uncritical acceptance of a deeply engrained ideological and cultural myth. At Risk questions this myth and argues that extreme natural events are not disasters until a vulnerable group of people is exposed. The updated new edition confronts a further ten years of ever more expensive and deadly disasters and discusses disaster not as an aberration, but as a signal failure of mainstream 'development'. Two analytical models are provided as tools for understanding vulnerability. One links remote and distant 'root causes' to 'unsafe conditions' in a 'progression of vulnerability'. The other uses the concepts of 'access' and 'livelihood' to understand why some households are more vulnerable than others. Examining key natural events and incorporating strategies to create a safer world, this revised edition is an important resource for those involved in the fields of environment and development studies.
Book Synopsis Riegle Community Development and Regulatory Improvement Act of 1994 by : United States
Download or read book Riegle Community Development and Regulatory Improvement Act of 1994 written by United States and published by . This book was released on 1994 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Disaster Resilience by : National Academies
Download or read book Disaster Resilience written by National Academies and published by National Academies Press. This book was released on 2012-12-29 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: No person or place is immune from disasters or disaster-related losses. Infectious disease outbreaks, acts of terrorism, social unrest, or financial disasters in addition to natural hazards can all lead to large-scale consequences for the nation and its communities. Communities and the nation thus face difficult fiscal, social, cultural, and environmental choices about the best ways to ensure basic security and quality of life against hazards, deliberate attacks, and disasters. Beyond the unquantifiable costs of injury and loss of life from disasters, statistics for 2011 alone indicate economic damages from natural disasters in the United States exceeded $55 billion, with 14 events costing more than a billion dollars in damages each. One way to reduce the impacts of disasters on the nation and its communities is to invest in enhancing resilience-the ability to prepare and plan for, absorb, recover from and more successfully adapt to adverse events. Disaster Resilience: A National Imperative addresses the broad issue of increasing the nation's resilience to disasters. This book defines "national resilience", describes the state of knowledge about resilience to hazards and disasters, and frames the main issues related to increasing resilience in the United States. It also provide goals, baseline conditions, or performance metrics for national resilience and outlines additional information, data, gaps, and/or obstacles that need to be addressed to increase the nation's resilience to disasters. Additionally, the book's authoring committee makes recommendations about the necessary approaches to elevate national resilience to disasters in the United States. Enhanced resilience allows better anticipation of disasters and better planning to reduce disaster losses-rather than waiting for an event to occur and paying for it afterward. Disaster Resilience confronts the topic of how to increase the nation's resilience to disasters through a vision of the characteristics of a resilient nation in the year 2030. Increasing disaster resilience is an imperative that requires the collective will of the nation and its communities. Although disasters will continue to occur, actions that move the nation from reactive approaches to disasters to a proactive stance where communities actively engage in enhancing resilience will reduce many of the broad societal and economic burdens that disasters can cause.
Book Synopsis Federal Reinsurance for Disasters by : David Torregrosa
Download or read book Federal Reinsurance for Disasters written by David Torregrosa and published by DIANE Publishing. This book was released on 2002 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis National Flood Insurance Program: Answers to Questions About the NFIP by :
Download or read book National Flood Insurance Program: Answers to Questions About the NFIP written by and published by FEMA. This book was released on 1980 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impacts of Natural Disasters by : National Research Council
Download or read book The Impacts of Natural Disasters written by National Research Council and published by National Academies Press. This book was released on 1999-05-06 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: We in the United States have almost come to accept natural disasters as part of our nation's social fabric. News of property damage, economic and social disruption, and injuries follow earthquakes, fires, floods and hurricanes. Surprisingly, however, the total losses that follow these natural disasters are not consistently calculated. We have no formal system in either the public or private sector for compiling this information. The National Academies recommends what types of data should be assembled and tracked.
Book Synopsis Thirty Years of Natural Disasters 1974-2003: The Numbers by : Debarati Guha-Sapir
Download or read book Thirty Years of Natural Disasters 1974-2003: The Numbers written by Debarati Guha-Sapir and published by Presses univ. de Louvain. This book was released on 2004 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last 30 years, 6,367 natural disasters killed more than 2 million people. A cumulative total of 5.1 billion individuals were affected, of which 182 million were left homeless.These same disasters caused US$1.4 trillion worth of damages. Data on natural disasters and their impact on populations and economies play an essential role in understanding the factors that increase human vulnerability and the importance of disaster preparedness, mitigation and prevention.
