The Role Of Government Contracts In Discretionary Reinsurance Markets For Natural Disasters

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The Role of Government Contracts in Discretionary Reinsurance Markets for Natural Disasters

Author : Christopher M. Lewis
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Role of Government Contracts in Discretionary Reinsurance Markets for Natural Disasters by : Christopher M. Lewis

Download or read book The Role of Government Contracts in Discretionary Reinsurance Markets for Natural Disasters written by Christopher M. Lewis and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A recent surge in natural disaster losses in the United States has created widespread disruptions in the property insurance market and generated calls for federal protection against natural disaster risk. This article examines the market for disaster insurance in the United States and finds that insurance markets are limited in their ability to intertemporally diversify catastrophic risk. In a targeted response, this article proposes a new form of federal reinsurance based on the auctioning of multiple peril catastrophe call spread options that cover industry losses in the range of $25 - $50 billion. This article argues that the sale of these catastrophe excess-of-loss contracts utilizes the unique intertemporal diversification capabilities of the federal government to expand the market for natural disaster risk while enhancing the private market equilibrium for insurance.

Natural Disasters

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)

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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.

Federal Reinsurance for Disasters

Author : David Torregrosa
Publisher : DIANE Publishing
ISBN 13 : 1428960880
Total Pages : 62 pages
Book Rating : 4.4/5 (289 download)

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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:

S. 1043, Natural Disaster Protection and Insurance Act of 1996

Author : United States. Congress. Senate. Committee on Commerce, Science, and Transportation
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis S. 1043, Natural Disaster Protection and Insurance Act of 1996 by : United States. Congress. Senate. Committee on Commerce, Science, and Transportation

Download or read book S. 1043, Natural Disaster Protection and Insurance Act of 1996 written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation and published by . This book was released on 1996 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:

S. 1361, the Natural Disaster Protection and Insurance Act of 1999

Author : United States. Congress. Senate. Committee on Commerce, Science, and Transportation
Publisher :
ISBN 13 :
Total Pages : 96 pages
Book Rating : 4.:/5 (51 download)

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Book Synopsis S. 1361, the Natural Disaster Protection and Insurance Act of 1999 by : United States. Congress. Senate. Committee on Commerce, Science, and Transportation

Download or read book S. 1361, the Natural Disaster Protection and Insurance Act of 1999 written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation and published by . This book was released on 2003 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Macro Financing of Natural Hazards in Developing Countries

Author : Olivier Mahul
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4./5 ( download)

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Book Synopsis The Macro Financing of Natural Hazards in Developing Countries by : Olivier Mahul

Download or read book The Macro Financing of Natural Hazards in Developing Countries written by Olivier Mahul and published by World Bank Publications. This book was released on with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors propose a financial model to address the design of efficient risk financing strategies against natural disasters at the country level. It is simple enough to shed analytical light on some of the key issues but flexible and realistic enough to provide some quantitative guidance on the ex ante financing of catastrophic losses. The risk financing problem is decomposed into two steps. First, the resource gap, defined as the difference between losses and available ex-post resources (such as post-disaster aid), is identified. It determines the losses to be financed by ex ante financial instruments (reserves, catastrophe insurance, and contingent debt). Second, the cost-minimizing financial arrangements are derived from the marginal costs of the financial instruments. The model is solved through a series of graphical analyses that make this complex financial problem easier to apprehend. This model captures and explains the main impacts of financial parameters (such as insurance premium, cost of capital) on efficient risk financing structures.

The Financing of Catastrophe Risk

Author : Kenneth A. Froot
Publisher : University of Chicago Press
ISBN 13 : 0226266257
Total Pages : 490 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis The Financing of Catastrophe Risk by : Kenneth A. Froot

Download or read book The Financing of Catastrophe Risk written by Kenneth A. Froot and published by University of Chicago Press. This book was released on 2007-12-01 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is it possible that the insurance and reinsurance industries cannot handle a major catastrophe? Ten years ago, the notion that the overall cost of a single catastrophic event might exceed $10 billion was unthinkable. With ever increasing property-casualty risks and unabated growth in hazard-prone areas, insurers and reinsurers now envision the possibility of disaster losses of $50 to $100 billion in the United States. Against this backdrop, the capitalization of the insurance and reinsurance industries has become a crucial concern. While it remains unlikely that a single event might entirely bankrupt these industries, a big catastrophe could place firms under severe stress, jeopardizing both policy holders and investors and causing profound ripple effects throughout the U.S. economy. The Financing of Catastrophe Risk assembles an impressive roster of experts from academia and industry to explore the disturbing yet realistic assumption that a large catastrophic event is inevitable. The essays offer tangible means of both reassessing and raising the level of preparedness throughout the insurance and reinsurance industries.

Methods of Disaster Research

Author : Robert A. Stallings
Publisher : Xlibris Corporation
ISBN 13 : 1469121077
Total Pages : 526 pages
Book Rating : 4.4/5 (691 download)

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Book Synopsis Methods of Disaster Research by : Robert A. Stallings

Download or read book Methods of Disaster Research written by Robert A. Stallings and published by Xlibris Corporation. This book was released on 2003-01-14 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: The methods of disaster research are indistinguishable from those used throughout the social sciences. Yet these methods must be applied under unique circumstances. Researchers new to this field need to understand how the disaster context affects the application of the methods of research. This volume, written by some of the worlds leading specialists in disaster research, provides for the first time a primer on disaster research methods. Among the topics covered are qualitative field studies and survey research; underutilized approaches such as cross-national studies, simulations, and historical methods; and newer tools utilizing geographic information systems, the Internet, and economic modeling.

The Known, the Unknown, and the Unknowable in Financial Risk Management

Author : Francis X. Diebold
Publisher : Princeton University Press
ISBN 13 : 0691128839
Total Pages : 392 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Known, the Unknown, and the Unknowable in Financial Risk Management by : Francis X. Diebold

Download or read book The Known, the Unknown, and the Unknowable in Financial Risk Management written by Francis X. Diebold and published by Princeton University Press. This book was released on 2010-05-09 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators. This book introduces a more realistic and holistic framework called KuU --the K nown, the u nknown, and the U nknowable--that enables one to conceptualize the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, this book pushes toward robustifying policies, portfolios, contracts, and organizations to a wide variety of KuU risks. Along the way, the strengths and limitations of "quantitative" risk management are revealed. In addition to the editors, the contributors are Ashok Bardhan, Dan Borge, Charles N. Bralver, Riccardo Colacito, Robert H. Edelstein, Robert F. Engle, Charles A. E. Goodhart, Clive W. J. Granger, Paul R. Kleindorfer, Donald L. Kohn, Howard Kunreuther, Andrew Kuritzkes, Robert H. Litzenberger, Benoit B. Mandelbrot, David M. Modest, Alex Muermann, Mark V. Pauly, Til Schuermann, Kenneth E. Scott, Nassim Nicholas Taleb, and Richard J. Zeckhauser. Introduces a new risk-management paradigm Features contributions by leaders in finance and economics Demonstrates how "killer risks" are often more economic than statistical, and crucially linked to incentives Shows how to invest and design policies amid financial uncertainty

Research Handbook on the Economics of Insurance Law

Author : Daniel Schwarcz
Publisher : Edward Elgar Publishing
ISBN 13 : 1782547142
Total Pages : 549 pages
Book Rating : 4.7/5 (825 download)

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Book Synopsis Research Handbook on the Economics of Insurance Law by : Daniel Schwarcz

Download or read book Research Handbook on the Economics of Insurance Law written by Daniel Schwarcz and published by Edward Elgar Publishing. This book was released on 2015-08-28 with total page 549 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fields of insurance law and insurance economics have long and distinguished scholarly histories, but participants in the two disciplines have not always communicated well across academic silos. This Handbook encourages more policy-relevant insurance e

Dull Disasters?

Author : Daniel Jonathan Clarke
Publisher : Oxford University Press
ISBN 13 : 0198785577
Total Pages : 154 pages
Book Rating : 4.1/5 (987 download)

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Book Synopsis Dull Disasters? by : Daniel Jonathan Clarke

Download or read book Dull Disasters? written by Daniel Jonathan Clarke and published by Oxford University Press. This book was released on 2016 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access title available under the terms of a CC BY 3.0 IGO licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Dull Disasters? shows how countries and their partners can better prepare for natural disasters such as typhoons, earthquakes, floods, and drought. By harnessing lessons from finance, political science, economics, psychology, and the naturalsciences, it is possible for governments, civil society, private firms, and international organizations to work together to achieve better preparedness, thereby reducing the risks to people and economies and enablingquicker recoveries. In this way, responses to disasters become less emotional, less political, less headline-grabbing, and more business as usual and effective.

Catastrophe Risk Financing in Developing Countries

Author : J. David Cummins
Publisher : World Bank Publications
ISBN 13 : 0821377361
Total Pages : 299 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Catastrophe Risk Financing in Developing Countries by : J. David Cummins

Download or read book Catastrophe Risk Financing in Developing Countries written by J. David Cummins and published by World Bank Publications. This book was released on 2009 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Catastrophe Risk Financing in Developing Countries' provides a detailed analysis of the imperfections and inefficiencies that impede the emergence of competitive catastrophe risk markets in developing countries. The book demonstrates how donors and international financial institutions can assist governments in middle- and low-income countries in promoting effective and affordable catastrophe risk financing solutions. The authors present guiding principles on how and when governments, with assistance from donors and international financial institutions, should intervene in catastrophe insurance markets. They also identify key activities to be undertaken by donors and institutions that would allow middle- and low-income countries to develop competitive and cost-effective catastrophe risk financing strategies at both the macro (government) and micro (household) levels. These principles and activities are expected to inform good practices and ensure desirable results in catastrophe insurance projects. 'Catastrophe Risk Financing in Developing Countries' offers valuable advice and guidelines to policy makers and insurance practitioners involved in the development of catastrophe insurance programs in developing countries.

Handbook of Insurance

Author : Georges Dionne
Publisher : Springer Science & Business Media
ISBN 13 : 9401006423
Total Pages : 980 pages
Book Rating : 4.4/5 (1 download)

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Book Synopsis Handbook of Insurance by : Georges Dionne

Download or read book Handbook of Insurance written by Georges Dionne and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 980 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1970's, the research agenda in insurance was dominated by optimal insurance coverage, security design, and equilibrium under conditions of imperfect information. The 1980's saw a growth of theoretical developments including non-expected utility, price volatility, retention capacity, the pricing and design of insurance contracts in the presence of multiple risks, and the liability insurance crisis. The empirical study of information problems, financial derivatives, and large losses due to catastrophic events dominated the research agenda in the 1990's. The Handbook of Insurance provides a single reference source on insurance for professors, researchers, graduate students, regulators, consultants, and practitioners, that reviews the research developments in insurance and its related fields that have occurred over the last thirty years. The book starts with the history and foundations of insurance theory and moves on to review asymmetric information, risk management and insurance pricing, and the industrial organization of insurance markets. The book ends with life insurance, pensions, and economic security. Each chapter has been written by a leading authority in insurance, all contributions have been peer reviewed, and each chapter can be read independently of the others.

Agricultural Finance and Credit Infrastructure in Transition Economies Proceedings of OECD Expert Meeting, Moscow, February 1999

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264173811
Total Pages : 387 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Agricultural Finance and Credit Infrastructure in Transition Economies Proceedings of OECD Expert Meeting, Moscow, February 1999 by : OECD

Download or read book Agricultural Finance and Credit Infrastructure in Transition Economies Proceedings of OECD Expert Meeting, Moscow, February 1999 written by OECD and published by OECD Publishing. This book was released on 1999-10-06 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: This proceedings of an OECD Experts Meeting examines agricultural finance and credit infrastructure in transition economies.

Examining the Feasibility of Livestock Insurance in Mongolia

Author : Jerry Robert Skees
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4./5 ( download)

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Book Synopsis Examining the Feasibility of Livestock Insurance in Mongolia by : Jerry Robert Skees

Download or read book Examining the Feasibility of Livestock Insurance in Mongolia written by Jerry Robert Skees and published by World Bank Publications. This book was released on 2002 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Herders in Mongolia have suffered tremendous losses in recent dzud (winter disasters), with livestock mortality rates of over 50 percent in some locales. This study examines the feasibility of offering insurance to compensate for animal deaths. Such an undertaking is challenging in any country. Mongolia offers even more challenges given the vast territory in which herders tend over 30 million animals. Traditional approaches that insure individual animals are simply not workable. The opportunities for fraud and abuse are significant. Monitoring costs required to mitigate this behavior would be very high. This study focuses on the potential for using the livestock mortality rate at a local level (for example, the sum or rural district) as the basis for indemnifying herders. Applications of index insurance are growing around the world, although no country has so far implemented such insurance for livestock deaths. But few countries have such frequent and high rates of localized animal deaths as does Mongolia, and it is one of the few countries that perform an animal census every year. This concept may therefore be precisely what is needed to start a social livestock insurance program. Just as important, the insurance that is used in Mongolia should not interfere with the exceptional efforts that experienced herders take to save animals during severe weather. Using an individual insurance may, in fact, diminish these efforts. Herders may ask, "Why should I work so hard to save my animals if I will simply be compensated for those that are lost?" Since the index insurance would pay all herders in the same region the same rate, the incentives for management to mitigate livestock losses remain strong. No one would reduce their effort to collect on insurance. Those who increase their efforts during a major event (dzud) would likely be compensated for this effort even though they do not lose livestock. In some cases, they could reasonably expect to receive payments that would compensate for the added effort or the added cost of trying to save their livestock.

Climate Change and Catastrophe Management in a Changing China

Author : Qihao He
Publisher : Edward Elgar Publishing
ISBN 13 : 1788111869
Total Pages : 251 pages
Book Rating : 4.7/5 (881 download)

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Book Synopsis Climate Change and Catastrophe Management in a Changing China by : Qihao He

Download or read book Climate Change and Catastrophe Management in a Changing China written by Qihao He and published by Edward Elgar Publishing. This book was released on with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: China is the largest greenhouse gas emitter in the world and also suffers from devastating climate catastrophes. Increasingly, policymakers in China have come to realize that government alone cannot adequately prevent or defray climate-related disaster risks. This book contends that a better way to manage catastrophe risk in China is through private insurance rather than directly through the Chinese government. In addition, private insurance could function as a substitute for, or complement to, government regulation of catastrophe risks by causing policyholders to take greater precautions to reduce climate change risks.

Compensating Catastrophe Victims

Author : Véronique Bruggeman
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041132635
Total Pages : 650 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Compensating Catastrophe Victims by : Véronique Bruggeman

Download or read book Compensating Catastrophe Victims written by Véronique Bruggeman and published by Kluwer Law International B.V.. This book was released on 2010-01-01 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book shows that amelioration of the current compensation solutions for disaster victims is indeed a possibility. In a heated yet often poorly informed debate, it offers clarity and insights regarding the financial compensation for victims of catastrophes which, in addition to raising academic interest, are certain to help build a framework for future policymakers and lawmakers faced with shaping compensation programmes for catastrophe victims.