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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/10013104996
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National Survey Evidence on Disasters and Relief : Risk Beliefs, Self-Interest, and Compassion
Viscusi, W. Kip - 2012
, and indicated whether they favored governmental disaster relief. For all hazards, including auto accident risks, most …-fifths of our respondents favor government relief for disaster victims, but only one-third do for victims in high-risk areas …
Persistent link: https://www.econbiz.de/10012755455
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Mortgage Finance and Climate Change : Securitization Dynamics in the Aftermath of Natural Disasters
Ouazad, Amine; Kahn, Matt - 2021
Using the government-sponsored enterprises’ sharp securitization rules, this paper provides evidence that, in the … disasters increase bunching, suggesting an increased option value of securitization. The increase is lower where flood insurance … is required. A model identified using indirect inference simulates increasing disaster risk without GSEs. Mortgage credit …
Persistent link: https://www.econbiz.de/10013245727
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On the Pricing of Intermediated Risks : Theory and Application to Catastrophe Reinsurance
Froot, Kenneth - 2010
We model the equilibrium price and quantity of risk transfer between firms and financial intermediaries. Value-maximizing firms have downward sloping demands to cede risk, while intermediaries, who assume risk, provide less-than-fully-elastic supply. We show that equilibrium required returns...
Persistent link: https://www.econbiz.de/10013135141
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The Market for Catastrophe Risk : A Clinical Examination
Froot, Kenneth - 2011
This paper examines the market for catastrophe event risk i.e., financial claims that are linked to losses associated with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other corporations against the largest cat events is most...
Persistent link: https://www.econbiz.de/10013117926
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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/10013120307
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The Market for Catastrophe Risk : A Clinical Examination
Froot, Kenneth - 2011
This paper examines the market for catastrophe event risk i.e., financial claims that are linked to losses associated with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other corporations against the largest cat events is most...
Persistent link: https://www.econbiz.de/10013124399
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The Market for Catastrophe Risk : a Clinical Examination
Froot, Kenneth - 2012
This paper examines the market for catastrophe event risk -- i.e., financial claims that are linked to losses associated with natural hazards, such as hurricanes and earthquakes. This market is in transition as new approaches for transferring risk are being explored. The paper studies several...
Persistent link: https://www.econbiz.de/10013105897
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The Pricing of Event Risks with Parameter Uncertainty
Froot, Kenneth - 2010
Financial instruments whose payoffs are linked to exogenous events, such as the occurrence of a natural catastrophe or an unusual weather pattern depend crucially on actuarial models for determining event (e.g., default) probabilities. In many instances, investors appear to receive premiums far...
Persistent link: https://www.econbiz.de/10012763236
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The Limited Financing of Catastrophe Risk : An Overview
Froot, Kenneth - 2010
This paper argues that the financial exposure of households and firms to natural catastrophe disasters is borne primarily by insurance companies. Surprisingly, insurers use reinsurance to cover only a small fraction of these exposures, yet many insurers do not have enough capital and surplus to...
Persistent link: https://www.econbiz.de/10012763586