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In the last decade one can identify several accidents which can be classified as large scale accidents of a catastrophic dimension. After such a catastrophe the compensation of victims is of crucial importance and governments often intervene in this compensation. However, the organization of...
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We distinguish among three types of actions that can be taken to alleviate the consequences of natural disasters: precautionary efforts (made ex ante), relief efforts (made in the immediate aftermath of a disaster), and recovery efforts (made ex post). We argue that recognizing this distinction...
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Under the influence of climate-related extremes, the world is exposed to more and more catastrophe risks. Regulation by insurance may help realize the goal of mitigating catastrophe risk and the following losses. I explore five regulatory tools — risk-based pricing, contract design, loss...
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Although the insurance industry demonstrates a growing concern about the severe rise in losses from natural disasters, only about one third of all potential victims have in fact purchased first-party catastrophe insurance. Although first-party insurance has several advantages, we find that there...
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Disasters happen all the time. Since early mankind natural disasters like bush fires, heavy rainfall, flooding, volcanic eruptions and earthquakes have threatened mankind’s very existence. Of a more recent date, mostly since the Industrial Revolution, mankind has also been threatened through...
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