At war with the weather: managing large-scale risks in a new era of catastrophes
Gespeichert in:
Beteiligte Personen: | , |
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Format: | Buch |
Sprache: | Englisch |
Veröffentlicht: |
Cambridge, MA [u.a.]
MIT Press
2009
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Schlagwörter: | |
Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017678832&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
Abstract: | The United States and other nations are facing large-scale risks at an accelerating pace. In 2005, three major hurricanes - Katrina, Rita, and Wilma - made landfall along the U.S. Gulf Coast within an eight-week period. The damage caused by these storms led to insurance reimbursements and federal disaster relief of more than |
Beschreibung: | Includes bibliographical references and index |
Umfang: | XXI, 416 Seiten Illustrationen, Diagramme, Karten |
ISBN: | 9780262012829 |
Internformat
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245 | 1 | 0 | |a At war with the weather |b managing large-scale risks in a new era of catastrophes |c Howard C. Kunreuther and Erwann O. Michel-Kerjan with Neil A. Doherty ... |
264 | 1 | |a Cambridge, MA [u.a.] |b MIT Press |c 2009 | |
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500 | |a Includes bibliographical references and index | ||
520 | 3 | |a The United States and other nations are facing large-scale risks at an accelerating pace. In 2005, three major hurricanes - Katrina, Rita, and Wilma - made landfall along the U.S. Gulf Coast within an eight-week period. The damage caused by these storms led to insurance reimbursements and federal disaster relief of more than | |
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Datensatz im Suchindex
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adam_text | Titel: At war with the weather
Autor: Kunreuther, Howard
Jahr: 2009
Contents
Preface xiii
Acknowledgments xix
CAUSE FOR CONCERN 1
A New Era of Catastrophes 3
1.1 Recent Changes in the Impacts of Extreme Events 4
1.2 Why Are These Changes Occurring? 7
1.3 Focus of the Study: Florida, New York, South Carolina, and
Texas 13
1.4 Key Interested Parties 13
Summary 23
Catastrophe Risk and the Regulation of Property Insurance: A
Comparative Analysis across States 25
2.1 Introduction 26
2.2 Overview of the Institutional Framework for Government
Intervention 27
2.3 Market Regulation 31
2.4 Financial Regulation 43
2.5 State Insurance Mechanisms 44
2.6 Conclusion 57
Summary 58
A Market Analysis of Property Insurance against Hurricane Risk 59
3.1 Insurance Market Structure 60
3.2 Insurance Market Conduct and Performance 70
3.3 Conclusions for the Market Analysis 80
Summary 81
viii Contents
4 Come Rain or Shine: Flood Risk Financing through Public Insurance 83
4.1 A Brief History of Flood Insurance 84
4.2 NFIP Coverage Statistics 87
4.3 Analysis of Flood Insurance in Florida 92
4.4 Financial Performance of the NFIP over the Years 108
Summary 112
Appendix 4A: Definitions of the NFIP Flood Zones 113
Appendix 4B: Residential Policies in Force, Florida Counties, 2005 115
II UNDERSTANDING THE DEMAND AND SUPPLY OF
DISASTER INSURANCE 117
5 Homeowners Decision Making for Purchasing Insurance Coverage 119
5.1 Normative Model of Choice: Expected Utility Theory 120
5.2 Factors Influencing Insurance Purchasing Decisions 121
5.3 Role of Goals and Plans in Insurance Decision Making 124
5.4 Conclusion 126
Summary 127
6 Private Insurers Decision Making for Supplying Coverage 129
6.1 The Concept of Insurability 130
6.2 Determining Whether to Provide Coverage 130
6.3 Setting Premiums 131
6.4 Importance of the Cost of Capital 136
6.5 The Role of Rating Agencies 139
6.6 Measuring Exposure to Natural Disasters: The Role of
Catastrophe Models 141
Summary 146
Appendix 6A: Treatment of Natural Catastrophic Risk by the
Rating Agencies 149
7 Private Reinsurers Decision Making for Supplying Coverage 151
7.1 Nature of Reinsurance 151
7.2 How Reinsurers Determine Coverage and Set Premiums 152
7.3 The Use of Catastrophe Modeling to Price Reinsurance:
Application to Florida 155
7.4 Broader Empirical Data on Reinsurance Contracts 160
7.5 Reinsurance Market in 2005-2006 161
7.6 Reinsurance Market at 2007 and 2008 Renewals 167
Summary 170
Contents ix
8 Innovative Insurance-Linked Securities for Financing Extreme Events 173
8.1 The Emergence of Alternative Risk Transfer Instruments 173
8.2 Financial Capacity Provided by Insurance-Linked Securities:
Past and Present 174
8.3 Benchmark: The Market for Credit and Weather Derivatives 183
8.4 Enhancing Capital Market Solutions: The Need to Address
Stakeholders Concerns 185
8.5 Looking Ahead: Solutions and Innovations for Reaching the
Tipping Point in this Alternative Market 187
Summary 191
9 A Framework for Linking Supply and Demand of Disaster Insurance 193
9.1 The Supply Side 194
9.2 The Demand Side and Role of Deductibles 197
9.3 Market Clearing Prices and Quantities at the Equilibrium 198
Summary 201
10 A Multistate Empirical Analysis of Homeowners Insurance 203
10.1 Developing a Model of the Demand and Supply of Insurance 204
10.2 Study 1: County-Level Supply and Demand Analysis 206
10.3 Study 2: Cross-State Analysis of Insurance Demand Using
Insurance Company Contract Data 217
10.4 Conclusion 231
Summary 232
ffl PROTECTING HOMEOWNERS AGAINST NATURAL
DISASTERS 233
11 Impact of Insurance Status on Economic Welfare of Homeowners in
Hazard-Prone Areas: The Affordability Challenge 235
11.1 Who Should Have Insurance, and Why? 236
11.2 Denning Affordability 237
11.3 Why No Insurance? Concepts and Results 237
11.4 Alternative Definitions of Affordability 241
11.5 Equitable Changes in Premiums 243
11.6 Implications for Policy 244
Summary 246
x Contents
12 Enhancing the Implementation of Risk Reduction Measures 247
12.1 The Role of Insurance as a Bridge between Mitigation and
Risk Financing 248
12.2 Mitigation Measures for Hurricane-Related Damage 248
12.3 Cost-Effectiveness of Risk Reduction Measures 250
12.4 The Importance of Building Codes 251
12.5 Factors Influencing the Adoption of Mitigation Measures 255
12.6 Collaboration between the Public and Private Sectors 262
12.7 Conclusion 265
Summary 266
Appendix 12: Best Practices in Florida 266
13 Policy Analysis of Alternative Programs: Comparing the Status Quo
with a True Competitive Insurance Market 269
13.1 Introduction 270
13.2 Data Sources 271
13.3 Assumptions for the Status Quo Analysis 276
13.4 Status Quo Analysis 288
13.5 Assumptions and Methodology for the Competitive Market
Analysis 295
13.6 Competitive Market Analysis 299
13.7 Impact of Insurance Premiums Reflecting Risk 303
Summary 306
Appendix 13A: Comparison of Losses at the 250- and 500-Year
Return Period 307
Appendix 13B: Effects of Mitigation on Hurricane Risk 311
Appendix 13C: Market Share Analysis for the Top Twenty-Five
Insurers in Florida, New York, South Carolina, and
Texas 313
Appendix 13D: Loss Costs and Insurance Premiums for Wind
Coverage in All Counties in Florida, New York,
South Carolina, and Texas 317
IV CREATING INNOVATIVE SOLUTIONS 331
14 Proposed Innovations for Dealing with Catastrophic Risks 333
14.1 Two Guiding Principles 334
14.2 Designing Insurance Programs Using the Two Guiding
Principles 335
Contents xi
14.3 Long-Term Homeowners Insurance 338
14.4 All-Hazards Insurance 343
14.5 Making Insurance-Linked Securities a More Liquid Market 346
14.6 Creation of a Data Collection and Information-Sharing Entity 346
14.7 Other Proposals for Financing Catastrophic Losses 346
Summary 349
15 Winning the War Against the Weather and Other Extreme Events 351
15.1 The Myth of Low-Probability/High-Consequence Events 351
15.2 A Five-Pillar Strategy 352
15.3 The Need for Bold Initiatives to Deal with Interdependent Risks 357
15.4 At War with Ourselves 360
Abbreviations 361
Glossary 363
Notes 369
References 383
Study Directors and Other Lead Authors 393
Index 397
|
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author | Kunreuther, Howard 1938- Michel-Kerjan, Erwann |
author_GND | (DE-588)12493580X (DE-588)129714844 |
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spellingShingle | Kunreuther, Howard 1938- Michel-Kerjan, Erwann At war with the weather managing large-scale risks in a new era of catastrophes Disaster insurance United States Emergency management United States Risk management United States Risikomanagement (DE-588)4121590-4 gnd Naturkatastrophe (DE-588)4041387-1 gnd Schadenversicherung (DE-588)4179306-7 gnd Wirbelsturm (DE-588)4190013-3 gnd Klimaänderung (DE-588)4164199-1 gnd |
subject_GND | (DE-588)4121590-4 (DE-588)4041387-1 (DE-588)4179306-7 (DE-588)4190013-3 (DE-588)4164199-1 (DE-588)4078704-7 |
title | At war with the weather managing large-scale risks in a new era of catastrophes |
title_auth | At war with the weather managing large-scale risks in a new era of catastrophes |
title_exact_search | At war with the weather managing large-scale risks in a new era of catastrophes |
title_full | At war with the weather managing large-scale risks in a new era of catastrophes Howard C. Kunreuther and Erwann O. Michel-Kerjan with Neil A. Doherty ... |
title_fullStr | At war with the weather managing large-scale risks in a new era of catastrophes Howard C. Kunreuther and Erwann O. Michel-Kerjan with Neil A. Doherty ... |
title_full_unstemmed | At war with the weather managing large-scale risks in a new era of catastrophes Howard C. Kunreuther and Erwann O. Michel-Kerjan with Neil A. Doherty ... |
title_short | At war with the weather |
title_sort | at war with the weather managing large scale risks in a new era of catastrophes |
title_sub | managing large-scale risks in a new era of catastrophes |
topic | Disaster insurance United States Emergency management United States Risk management United States Risikomanagement (DE-588)4121590-4 gnd Naturkatastrophe (DE-588)4041387-1 gnd Schadenversicherung (DE-588)4179306-7 gnd Wirbelsturm (DE-588)4190013-3 gnd Klimaänderung (DE-588)4164199-1 gnd |
topic_facet | Disaster insurance United States Emergency management United States Risk management United States Risikomanagement Naturkatastrophe Schadenversicherung Wirbelsturm Klimaänderung USA |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017678832&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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0002 GEO 784 2023 A 1966
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Exemplar 1 | Ausleihbar Am Standort |