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| Titel |
Insuring catastrophes and the role of governments |
| VerfasserIn |
M. M. Boyer, C. M. Nyce |
| 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 ; 13, no. 8 ; Nr. 13, no. 8 (2013-08-16), S.2053-2063 |
| Datensatznummer |
250085499
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| Publikation (Nr.) |
 copernicus.org/nhess-13-2053-2013.pdf |
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| Zusammenfassung |
| In this paper we model the cost of providing insurance coverage against
natural and man-made hazards. We propose an insurance market model that
explains (1) the use of reinsurance to help finance the cost of catastrophic
events and (2) the implicit (or explicit) presence of government entities
acting as (re)insurers of last resort. Using an economic model, we show how
insurance programmes should be designed to cover the losses due to a possible
catastrophic natural hazard. Our results show that the optimal structure of a
reinsurance programme minimizes the cost of offering insurance protection. We
also show how government intervention can reduce the cost of insurance
against natural catastrophes and increase policyholders' welfare. Our paper
therefore offers public policy implications as to the role and presence of
government as an insurer of last resort and the minimum insurance premium
necessary to cover the cost of catastrophic events. |
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