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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 … public optimal reinsurance employs a deductible-style deductible-style excess-of-loss policy, and when is is private but the …
Persistent link: https://www.econbiz.de/10012472911
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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
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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
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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
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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/10012460523
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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/10012461255
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The Market for Catastrophe Risk : A Clinical Examination
Froot, Kenneth A. - 1999
transferring risk are being explored. The paper studies several recent transactions by USAA which use reinsurance capacity from …
Persistent link: https://www.econbiz.de/10012471497
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The Market for Catastrophe Risk : A Clinical Examination
Froot, Kenneth A. - 2001
relatively little cat reinsurance against large events. We also find that premiums are high relative to expected losses … transactions that look to capital markets, rather than traditional reinsurance markets, for risk-bearing capacity. These provide …
Persistent link: https://www.econbiz.de/10012470619
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The Pricing of U.S. Catastrophe Reinsurance
Froot, Kenneth A. - 1997
We explore two theories that have been advanced to explain the patterns in U.S. catastrophe reinsurance pricing. The … second holds that the supply of capital to the reinsurance industry is less than perfectly elastic, with the consequence that … prices are bid up whenever existing funds are depleted by catastrophe losses. Using detailed reinsurance contract data from …
Persistent link: https://www.econbiz.de/10012472774
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On The Pricing of Intermediated Risks : Theory and Application to Catastrophe Reinsurance
Froot, Kenneth A. - 1997
supply of intermediary capital is perfectly elastic. We take the US catastrophe reinsurance market as an example, using … results suggest that the price of reinsurance generally exceeds fair' values, particularly in the aftermath of large events …
Persistent link: https://www.econbiz.de/10012472807