Finance des risques catastrophiques. Le marché américain est en plein bouleversement

The series of unprecedented catastrophes that occurred in the us since 2001 have triggered historical economic and insured losses. Today there is a strong national debate about the role and responsibilities of the public and private sectors in providing financial protection against future disasters. U.S. catastrophe insurance markets are highly regulated and, as a result of local political interests, insurers cannot charge the premiums they consider necessary to continue doing business in several of the most exposed states of the Union. In the past decade, state and federal insurance has grown very significantly there, providing artificially low rates to those living in high risk areas. Federal disaster relief to uninsured and affected areas has reached record high level too. While public insurance can be legitimized when private insurers refuse to cover some risks or to access cheaper capital than through international markets, the path America has taken is unsustainable. The us Congress is currently examined several alternative proposals. Classification JEL : G22, G28, H50, H84