Download e-book for kindle: At War with the Weather: Managing Large-Scale Risks in a New by Howard C. Kunreuther

Risk Management

By Howard C. Kunreuther

Cutting edge, long term suggestions for decreasing vulnerability to large-scale normal failures and for offering monetary aid for catastrophe sufferers.

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Additional resources for At War with the Weather: Managing Large-Scale Risks in a New Era of Catastrophes

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Most Gulf and eastern seaboard states have such plans, but each plan has its own variations. Many do not have the claims-paying capacity to cover obligations in the event of a major hurricane. Some states, including North Carolina and several New England states, are struggling to pay administrative and overhead costs, even though they have not experienced a major catastrophic event in recent years. If a major hurricane struck one of these states, the state underwriting association would be forced to levy assessments against insurers, which would in turn pass this assessment to all their policyholders.

Similarly, insurers are less willing to cede their risks to a poorly rated reinsurer. A low rating has an impact on the premium an insurer or reinsurer can charge or the amount of coverage it is able to sell. It is also likely to have a negative e¤ect on the share price of publicly traded firms. In the wake of the 2004 and 2005 hurricanes in the Gulf Coast, several major rating agencies have moved to adopt more stringent standards, which will e¤ectively require some insurers to carry more capital just to maintain the same rating.

Ultimately they can fully withdraw from a state if forced to take this action or find the regulatory environment intolerable. Also, an insurer exiting home insurance in a state may elect to exit other lines, because total withdrawal may be necessary from a business perspective—they may find it di‰cult to sell other insurance products to consumers if they are not willing to sell them home insurance. 3 In private insurance markets where consumers can choose among multiple insurers, it is di‰cult for regulators to force significant cross-subsidies over a sustained period.

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