By Kenneth A. Froot
ISBN-10: 0226266230
ISBN-13: 9780226266237
ISBN-10: 0226266257
ISBN-13: 9780226266251
Is it attainable that the assurance and reinsurance industries can't deal with a massive disaster? Ten years in the past, the proposal that the general fee of a unmarried catastrophic occasion may possibly exceed $10 billion was once unthinkable. With ever expanding property-casualty hazards and unabated development in hazard-prone components, insurers and reinsurers now envision the potential of catastrophe losses of $50 to $100 billion within the United States.Against this backdrop, the capitalization of the assurance and reinsurance industries has turn into a vital hindrance. whereas it continues to be not going unmarried occasion may fullyyt bankrupt those industries, an enormous disaster may possibly position organizations lower than serious rigidity, jeopardizing either coverage holders and traders and inflicting profound ripple results through the U.S. economy.The Financing of disaster probability assembles a powerful roster of specialists from academia and to discover the worrying but real looking assumption that a huge catastrophic occasion is inevitable. The essays provide tangible technique of either reassessing and elevating the extent of preparedness during the assurance and reinsurance industries.
Read or Download The Financing of Catastrophe Risk (National Bureau of Economic Research Project Report) PDF
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Extra resources for The Financing of Catastrophe Risk (National Bureau of Economic Research Project Report)
Sample text
16. Since the catastrophe-reinsurancepurchase is typically done for the whole insurance group, affiliated companies were dropped. The data include group a d unaffiliated companies only. 2 Variable Obs. Mean SD Min. Max. 3 ~ Variable Obs. 722 Min. 5E-05 - ,036 0 87 ________ ~~ Max. 315 51 93 Guy Carpenter. although the sample does include some relatively small companies. The purchasing sample also has slightly greater property and coastal exposure, a lower proportion of liquid assets, and slightly greater leverage.
Second, Guy Carpenter has not traditionally served the majority of the smaller insurers who go to the broker market. The Guy Carpenter data analyzed here include all the regional and national companies that purchased catastrophe reinsurance through Guy Carpenter from 1987 to 1993. The typical data entry for a company includes the number of layers, the retention for each layer, the limit, the premium, and coinsurance. Since the insurer decides to purchase the whole catastrophe-reinsurance program at the same time, the data are aggregated to the program, the relevant unit of observation.
Therefore, a firm with expected income in the convex range of the tax code can reduce expected tax payments by reducing the variance of income. After the Tax Reform Act of 1986 and the imposition of the alternative minimum tax, however, it has become quite difficult to determine how the tax code influences firm behavior. Still, taxpreference items such as tax-loss carryforwards will provide incentives to manage risk since their expected present value is decreasing in the variance of income. The value of catastrophe reinsurance is also increasing in an insurer’s exposure to catastrophic risk.