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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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Reflections on U.S. Disaster Insurance Policy for the 21st Century
Kunreuther, Howard - 2012
which a disaster insurance program should be based. Section 3 then focuses on the second question by analyzing the …. Section 4 turns to the third 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 …
Persistent link: https://www.econbiz.de/10012755475
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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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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/10013013167
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Reinsurance for Catastrophes and Cataclysms
Cutler, David M. - 2010
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/10012763666
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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/10012987122
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Mitigating Disaster Risks in the Age of Climate Change
Hong, Harrison G.; Wang, Neng; Yang, Jinqiang - 2022
regional-level mitigation or adaptation, which reduces disaster risks to capital in the interim. Mitigation depends on belief … regarding the adverse consequences of global warming. Pessimism jumps with a disaster and slowly reverts in the absence of … increasing cyclone frequency. For a typical country exposed to cyclones, a disaster arrival not only damages its capital stock …
Persistent link: https://www.econbiz.de/10013311024
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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/10013052679
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Paying a Premium on Your Premium? Consolidation in the U.S. Health Insurance Industry
Dafny, Leemore S. - 2010
We examine whether and to what extent consolidation in the U.S. health insurance industry is leading to higher employer-sponsored insurance premiums. We make use of a proprietary, panel dataset of employer-sponsored healthplans enrolling over 10 million Americans annually between 1998 and 2006...
Persistent link: https://www.econbiz.de/10013150447
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A Simple Test of Private Information in the Insurance Markets with Heterogeneous Insurance Demand
Gan, Li - 2011
A positive correlation between insurance coverage and ex post risk can be an indicator for private information in insurance markets. However, this test fails if agents have heterogeneous risk attitudes. We propose a new test that conditions on unobserved types of individuals who differ in their...
Persistent link: https://www.econbiz.de/10013130968