By Martin F. Grace, Robert W. Klein, Paul R. Kleindorfer, Michael R. Murray
1. the matter OF disaster danger the danger of enormous losses from normal failures within the U.S. has considerably elevated in recent times, straining deepest assurance markets and growing difficult difficulties for disaster-prone parts. the specter of mega-catastrophes due to excessive hurricanes or earthquakes remarkable significant inhabitants facilities has dramatically altered the assurance atmosphere. Estimates of possible greatest losses (PMLs) to insurers from a mega disaster outstanding the U.S. variety as much as $100 billion looking on the positioning and depth of the development (Applied coverage learn, 2001).1 A critical catastrophe can have an important monetary impression at the (Cummins, Doherty, and Lo, 2002; coverage providers place of work, 1996a). Estimates of gross losses from the terrorist assault on September eleven, 2001 variety from $30 billion to $50 billion, and the attack's impression on assurance markets underscores the necessity to comprehend the dynamics of the provision of and the call for for assurance opposed to severe occasions, together with ordinary mess ups. elevated disaster possibility poses tricky demanding situations for insurers, reinsurers, homeowners and public officers (Kleindorfer and Kunreuther, 1999). the basic predicament matters insurers' skill to address low-probability, high-consequence (LPHC) occasions, which generates a number of interrelated concerns with admire to how the chance of such occasions are 1 those possible greatest loss (PML) estimates are in accordance with a SOD-year "return" period.
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Additional info for Catastrophe Insurance: Consumer Demand, Markets and Regulation
The latter development could have been prompted by insureds' desire to ensure that their policy limits more fully covered the value of their property, as well as insurers' diligence in encouraging adequate limits. Several things may have occurred. Some insureds may have increased their fire and wind deductibles by the same amount. Other homeowners likely opted for higher fixed or percentage wind deductibles, which tend to result in higher deductible levels measured in dollars. Also, if the policy limit increased with a given percentage deductible, the deductible would increase in dollar terms.
10 The current system of pro-rata guaranty fund assessments is not sensitive to risk and, hence, encourages greater risk taking by insurers and policyholders (Cummins, 1988). Risk-sensitive assessments would encourage safer behavior but they also could further tighten the supply of catastrophe insurance. Still, this could be preferable to arbitrary limits on risk. , natural disasters) to provide additional liquidity and further diversify insolvency risk. Such arrangements would need to be structured to avoid perverse incentives and externalities among states in their regulatory policies towards high-risk insurers and markets (Klein, 1998a).
Information on average homeowners premiums by state is available from the NAIC (2001a). 3 compares the average premium per home in 1996 and 1999 in Florida, New York and countrywide for H03 policies on homes with Coverage A limits between $175,000-$200,000. 27 We see from this figure that the average premium in Florida in 1999 - $934 - was considerably greater than the average premium in New York - $568 - and countrywide - $567. The average premium also increased by a greater 27 These data are only available for the period 1996-1999.