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We study the possibility for international diversification of catastrophe risk by the insurance sector. Adopting the argument that large insurance losses may be a `globalizing factor' for the industry, we study the dependence of geographically distant insurance markets via equity returns. In...
Persistent link: https://www.econbiz.de/10010325993
Die GeoRisikoForschung der Münchener Rück analysiert seit mehr als 30 Jahren Naturkatastrophen rund um den Globus und dokumentiert diese in der NatCatSERVICE-Datenbank. Die Daten zeigen einen deutlichen Anstieg der Naturkatastrophen, der vor allem durch wetterbedingte Ereignisse begründet...
Persistent link: https://www.econbiz.de/10010377862
Numerous publications about disasters are implying that disaster vulnerability is growing. The main reasons given for … changed understanding of the term "disaster" perhaps reflects a changed perception of its scope. An intention of this study is … needed about what is, and what determines vulnerability. As a concept, "Vulnerability" to disasters is relevant for a world …
Persistent link: https://www.econbiz.de/10010323604
This paper studies how media and democracy influence government action taken before and after a natural disaster. The … democratic institutions both contribute positively to the government's palliative effort after the disaster. However, the effects … of media and democracy on the government's preventive effort before the disaster are negative. We provide empirical …
Persistent link: https://www.econbiz.de/10010332479
. Based on these findings, we discuss implications for fiscal policy and publiclyprovided disaster insurance. Our policy …
Persistent link: https://www.econbiz.de/10011605101
, manifested through poorly developed financial markets. The theoretical analysis shows that the shock of a disaster occurrence … model are then tested using a panel of data on natural disaster events at the country - year level, covering the period 1979 … - 2007. We find that for countries with low levels of financial sector development, natural disaster events exert a …
Persistent link: https://www.econbiz.de/10010392509
We investigate the effect of the 20 largest – in terms of insured losses – man-made or natural disasters on the insurance industry. We show via an event study that insurance markets worldwide are quite resilient to unexpected losses to capital and are even outperforming the general market...
Persistent link: https://www.econbiz.de/10010296673
disadvantage in British shipwrecks, and that there seems to be no association between duration of a disaster and the impact of …
Persistent link: https://www.econbiz.de/10010321473
We investigate the impact of the 20 largest - in terms of insured losses - man-made or natural disasters on various insurance industry stock indices. We show via an event study that insurance sectors worldwide are quite resilient, in a market value sense, to unexpected losses to capital: our...
Persistent link: https://www.econbiz.de/10010276605
concomitance between so-called 'natural' hazard/disaster and conflict situations. Over 150 natural disasters have occurred … alongside complex political crises in the past seven years alone. Yet, the fields of conflict and disaster research remain … conflict and disaster. We exploit a large panel dataset that includes official development aid, and information about the …
Persistent link: https://www.econbiz.de/10010316737