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| Titel |
Alternative solutions for public and private catastrophe funding in Austria |
| VerfasserIn |
M. Gruber |
| Medientyp |
Artikel
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| Sprache |
Englisch
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| ISSN |
1561-8633
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| Digitales Dokument |
URL |
| Erschienen |
In: Natural Hazards and Earth System Science ; 8, no. 4 ; Nr. 8, no. 4 (2008-07-01), S.603-616 |
| Datensatznummer |
250005633
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| Publikation (Nr.) |
 copernicus.org/nhess-8-603-2008.pdf |
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| Zusammenfassung |
The impacts of natural hazards as well as their frequency of occurrence
during the last decades have increased decisively. Therefore, the public as
well as the private sector are expected to react to this development by
providing sufficient funds, in particular for the improvement of protection
measures and an enhanced funding of damage compensation for affected private
individuals, corporate and public entities.
From the public stance, the establishment of an appropriate regulatory
environment seems to be indispensable. Structural and legal changes should,
on the one hand, renew and improve the current distribution system of public
catastrophe funds as well as the profitable investment of these financial
resources, and on the other hand, facilitate the application of alternative
mechanisms provided by the capital and insurance markets.
In particular, capital markets have developed alternative risk transfer and
financing mechanisms, such as captive insurance companies, risk pooling,
contingent capital solutions, multi-trigger products and insurance
securitisation for hard insurance market phases. These instruments have
already been applied to catastrophic (re-)insurance in other countries
(mainly the US and off-shore domiciles), and may contribute positively to the
insurability of extreme weather events in Austria by enhancing financial
capacities. Not only private individuals and corporate entities may use
alternative mechanisms in order to retain, thus, to finance certain risks,
but also public institutions.
This contribution aims at analysing potential
solutions for an improved risk management of natural hazards in the private
and the public sector by considering alternative mechanisms of the capital
and insurance markets. Also the establishment of public-private-partnerships,
which may contribute to a more efficient cat funding system in Austria, is
considered. |
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