Catastrophe Insurance: Consumer Demand, Markets and Regulation
1. THE PROBLEM OF CATASTROPHE RISK The risk of large losses from natural disasters in the U.S. has significantly increased in recent years, straining private insurance markets and creating troublesome problems for disaster-prone areas. The threat of mega-catastrophes resulting from intense hurricane...
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| Hauptverfasser: | , , , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
New York, NY
Springer US
2003
|
| Ausgabe: | 1st ed. 2003 |
| Schriftenreihe: | Topics in Regulatory Economics and Policy
45 |
| Schlagworte: | |
| Online-Zugang: | BTU01 Volltext |
| Zusammenfassung: | 1. THE PROBLEM OF CATASTROPHE RISK The risk of large losses from natural disasters in the U.S. has significantly increased in recent years, straining private insurance markets and creating troublesome problems for disaster-prone areas. The threat of mega-catastrophes resulting from intense hurricanes or earthquakes striking major population centers has dramatically altered the insurance environment. Estimates of probable maximum losses (PMLs) to insurers from a mega catastrophe striking the U.S. range up to $100 billion depending on the location and intensity of the event (Applied Insurance Research, 2001).1 A severe disaster could have a significant financial impact on the industry (Cummins, Doherty, and Lo, 2002; Insurance Services Office, 1996a). Estimates of industry gross losses from the terrorist attack on September 11, 2001 range from $30 billion to $50 billion, and the attack's effect on insurance markets underscores the need to understand the dynamics of the supply of and the demand for insurance against extreme events, including natural disasters. Increased catastrophe risk poses difficult challenges for insurers, reinsurers, property owners and public officials (Kleindorfer and Kunreuther, 1999). The fundamental dilemma concerns insurers' ability to handle low-probability, high-consequence (LPHC) events, which generates a host of interrelated issues with respect to how the risk of such events are 1 These probable maximum loss (PML) estimates are based on a SOD-year "return" period |
| Beschreibung: | 1 Online-Ressource (IX, 147 p) |
| ISBN: | 9781441992680 |
| DOI: | 10.1007/978-1-4419-9268-0 |
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| 520 | |a 1. THE PROBLEM OF CATASTROPHE RISK The risk of large losses from natural disasters in the U.S. has significantly increased in recent years, straining private insurance markets and creating troublesome problems for disaster-prone areas. The threat of mega-catastrophes resulting from intense hurricanes or earthquakes striking major population centers has dramatically altered the insurance environment. Estimates of probable maximum losses (PMLs) to insurers from a mega catastrophe striking the U.S. range up to $100 billion depending on the location and intensity of the event (Applied Insurance Research, 2001).1 A severe disaster could have a significant financial impact on the industry (Cummins, Doherty, and Lo, 2002; Insurance Services Office, 1996a). Estimates of industry gross losses from the terrorist attack on September 11, 2001 range from $30 billion to $50 billion, and the attack's effect on insurance markets underscores the need to understand the dynamics of the supply of and the demand for insurance against extreme events, including natural disasters. Increased catastrophe risk poses difficult challenges for insurers, reinsurers, property owners and public officials (Kleindorfer and Kunreuther, 1999). The fundamental dilemma concerns insurers' ability to handle low-probability, high-consequence (LPHC) events, which generates a host of interrelated issues with respect to how the risk of such events are 1 These probable maximum loss (PML) estimates are based on a SOD-year "return" period | ||
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| author | Grace, Martin F. Klein, Robert W. Kleindorfer, Paul R. Murray, Michael R. |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1007/978-1-4419-9268-0 |
| edition | 1st ed. 2003 |
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| spelling | Grace, Martin F. Verfasser aut Catastrophe Insurance Consumer Demand, Markets and Regulation by Martin F. Grace, Robert W. Klein, Paul R. Kleindorfer, Michael R. Murray 1st ed. 2003 New York, NY Springer US 2003 1 Online-Ressource (IX, 147 p) txt rdacontent c rdamedia cr rdacarrier Topics in Regulatory Economics and Policy 45 1. THE PROBLEM OF CATASTROPHE RISK The risk of large losses from natural disasters in the U.S. has significantly increased in recent years, straining private insurance markets and creating troublesome problems for disaster-prone areas. The threat of mega-catastrophes resulting from intense hurricanes or earthquakes striking major population centers has dramatically altered the insurance environment. Estimates of probable maximum losses (PMLs) to insurers from a mega catastrophe striking the U.S. range up to $100 billion depending on the location and intensity of the event (Applied Insurance Research, 2001).1 A severe disaster could have a significant financial impact on the industry (Cummins, Doherty, and Lo, 2002; Insurance Services Office, 1996a). Estimates of industry gross losses from the terrorist attack on September 11, 2001 range from $30 billion to $50 billion, and the attack's effect on insurance markets underscores the need to understand the dynamics of the supply of and the demand for insurance against extreme events, including natural disasters. Increased catastrophe risk poses difficult challenges for insurers, reinsurers, property owners and public officials (Kleindorfer and Kunreuther, 1999). The fundamental dilemma concerns insurers' ability to handle low-probability, high-consequence (LPHC) events, which generates a host of interrelated issues with respect to how the risk of such events are 1 These probable maximum loss (PML) estimates are based on a SOD-year "return" period Finance, general Microeconomics Finance Katastrophe (DE-588)4029929-6 gnd rswk-swf Versicherung (DE-588)4063173-4 gnd rswk-swf Risiko (DE-588)4050129-2 gnd rswk-swf Katastrophe (DE-588)4029929-6 s Risiko (DE-588)4050129-2 s Versicherung (DE-588)4063173-4 s DE-604 Klein, Robert W. aut Kleindorfer, Paul R. aut Murray, Michael R. aut Erscheint auch als Druck-Ausgabe 9781461348672 Erscheint auch als Druck-Ausgabe 9781402074691 Erscheint auch als Druck-Ausgabe 9781441992697 https://doi.org/10.1007/978-1-4419-9268-0 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Grace, Martin F. Klein, Robert W. Kleindorfer, Paul R. Murray, Michael R. Catastrophe Insurance Consumer Demand, Markets and Regulation Finance, general Microeconomics Finance Katastrophe (DE-588)4029929-6 gnd Versicherung (DE-588)4063173-4 gnd Risiko (DE-588)4050129-2 gnd |
| subject_GND | (DE-588)4029929-6 (DE-588)4063173-4 (DE-588)4050129-2 |
| title | Catastrophe Insurance Consumer Demand, Markets and Regulation |
| title_auth | Catastrophe Insurance Consumer Demand, Markets and Regulation |
| title_exact_search | Catastrophe Insurance Consumer Demand, Markets and Regulation |
| title_exact_search_txtP | Catastrophe Insurance Consumer Demand, Markets and Regulation |
| title_full | Catastrophe Insurance Consumer Demand, Markets and Regulation by Martin F. Grace, Robert W. Klein, Paul R. Kleindorfer, Michael R. Murray |
| title_fullStr | Catastrophe Insurance Consumer Demand, Markets and Regulation by Martin F. Grace, Robert W. Klein, Paul R. Kleindorfer, Michael R. Murray |
| title_full_unstemmed | Catastrophe Insurance Consumer Demand, Markets and Regulation by Martin F. Grace, Robert W. Klein, Paul R. Kleindorfer, Michael R. Murray |
| title_short | Catastrophe Insurance |
| title_sort | catastrophe insurance consumer demand markets and regulation |
| title_sub | Consumer Demand, Markets and Regulation |
| topic | Finance, general Microeconomics Finance Katastrophe (DE-588)4029929-6 gnd Versicherung (DE-588)4063173-4 gnd Risiko (DE-588)4050129-2 gnd |
| topic_facet | Finance, general Microeconomics Finance Katastrophe Versicherung Risiko |
| url | https://doi.org/10.1007/978-1-4419-9268-0 |
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