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The Welfare Gains from Macro-Insurance Against Natural Disasters

Borensztein, Eduardo - 2015

This paper uses a dynamic optimization model to estimate the welfare gains that a small open economy can derive from insuring against natural disasters with catastrophe (CAT) bonds. We calibrate the model by reference to the risk of earthquakes, floods and storms in developing countries. We find...

Persistent link: https://www.econbiz.de/10012456995

Managing Catastrophic Risk

Kunreuther, Howard - 2012

A principal reason that losses from catastrophic risks have been increasing over time is that more individuals and firms are locating in harm's way while not taking appropriate protective measures. Several behavioural biases lead decision-makers not to invest in adaptation measures until after...

Persistent link: https://www.econbiz.de/10012460523

The Impact of a Government Risk Pool and an Opt-Out Framing on Demand for Earthquake Protection

Kunreuther, Howard; Conell-Price, Lynn; Kovacs, Paul; … - National Bureau of Economic Research - 2021

This paper describes the design and analysis of a web-based choice experiment that examines how the demand for earthquake protection in Quebec and British Columbia is influenced by the default option and the structure of the insurance plan. Homeowners in both provinces were given the opportunity...

Persistent link: https://www.econbiz.de/10012616592

Mortgage Finance in the Face of Rising Climate Risk

Ouazad, Amine - 2019

after a natural disaster that caused more than a billion dollar in damages. Results suggest a substantial increase in … securitization activity in years following such a billion-dollar disaster. Such increase is larger in neighborhoods for which such a … disaster is "new news", i.e. does not have a long history of hurricanes. Conforming loans are riskier in dimensions not …

Persistent link: https://www.econbiz.de/10012480267

Long Term Insurance (LTI) for Addressing Catastrophe Risk

Jaffee, Dwight - 2008

This paper proposes long-term insurance (LTI) as an alternative to the standard annual homeowners policy using lessons from the mortgage market as a benchmark. LTI has the potential to significantly increase social welfare by reducing insurers' administrative costs, lowering search costs and...

Persistent link: https://www.econbiz.de/10012464437

Reflections on U.S. Disaster Insurance Policy for the 21st Century

Kunreuther, Howard - 2006

The first section of the paper addresses the first question by outlining two principles on which a disaster insurance … 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 …

Persistent link: https://www.econbiz.de/10012466215

Reinsurance for Catastrophes and Cataclysms

Cutler, David M. - 1997

This paper examines the optimal design of insurance and reinsurance policies. We first consider reinsurance for catastrophes: risks which are large for any one insurer but not for the reinsurance market as a whole. Reinsurance for catastrophes is complicated by adverse selection. Optimal...

Persistent link: https://www.econbiz.de/10012472911

Do Disaster Experience and Knowledge Affect Insurance Take-up Decisions?

Cai, Jing - 2016

on take-up than does the disaster experience …

Persistent link: https://www.econbiz.de/10012456276

Corporate Demand for Insurance : An Empirical Analysis of the U.S. Market for Catastrophe and Non-Catastrophe Risks

Michel-Kerjan, Erwann - 2011

Using a unique dataset of insurance decisions by over 1,800 large U.S. corporations, this study provides the first empirical analysis of firm behavior that compares corporate demand for property and catastrophe insurance (here, terrorism). We combine demand and supply data and apply a...

Persistent link: https://www.econbiz.de/10012461255

A General Rationale for a Governmental Role in the Relief of Large Risks

Shavell, Steven - 2014

The government often provides relief against large risks, such as disasters. A simple, general rationale for this role of government is considered here that applies even when private contracting to share risks is not subject to market imperfections. Specifically, the optimal private sharing of...

Persistent link: https://www.econbiz.de/10012458472

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