The Financing of Catastrophe Risk (National Bureau of Economic Research Project Report) - Hardcover

Hardcover

ISBN 10: 0226266230 ISBN 13: 9780226266237

Publisher: University of Chicago Press, 1999

Synopsis

Is it possible that the insurance and reinsurance industries cannot handle a major catastrophe? Ten years ago, the notion that the overall cost of a single catastrophic event might exceed $10 billion was unthinkable. With ever increasing property-casualty risks and unabated growth in hazard-prone areas, insurers and reinsurers now envision the possibility of disaster losses of $50 to $100 billion in the United States.

Against this backdrop, the capitalization of the insurance and reinsurance industries has become a crucial concern. While it remains unlikely that a single event might entirely bankrupt these industries, a big catastrophe could place firms under severe stress, jeopardizing both policy holders and investors and causing profound ripple effects throughout the U.S. economy.

The Financing of Catastrophe Risk assembles an impressive roster of experts from academia and industry to explore the disturbing yet realistic assumption that a large catastrophic event is inevitable. The essays offer tangible means of both reassessing and raising the level of preparedness throughout the insurance and reinsurance industries.

Edition details

• Publisher: University of Chicago Press
• Publication date: 1999
• Language: English
• ISBN 10: 0226266230
• ISBN 13: 9780226266237
• Binding: Hardcover
• Edition number: 1
• Number of pages: 488
• Editor: Froot Kenneth A.