Download or read book Federal Reinsurance for Disasters written by David Torregrosa and published by DIANE Publishing. This book was released on 2002 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Reinsurance for Disasters written by David Torregrosa and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Paying the Price written by Richard J. Roth, Sr. and published by Joseph Henry Press. This book was released on 1998-08-09 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the effectiveness of insurance coverage for low-probability, high-consequence events such as natural disastersâ€"and how insurance programs can successfully be used with other policy tools, such as building codes and standards, to encourage effective loss reduction measures. The authors discuss the reasons for the dramatic increase in insured losses from natural disasters since 1989 and the concern that insurers have about their ability to provide coverage against more such events in the future. It addresses why there has been an increasing demand for hazards insurance, what types of coverage private insurers are willing to offer, and the role of reinsurance and private-/public-sector initiatives at the state and federal levels for providing protection to victims of natural disasters. Detailed case studies of the challenges facing Florida in the wake of Hurricane Andrew in 1992 and California following the Northridge earthquake in 1994 reveal the challenges facing the insurance industry as well as other concerned stakeholders. The National Flood Insurance Program illustrates how a public-/private-sector partnership can mitigate damages and provide financial protection to victims. The book identifies new initiatives for reducing future losses and providing funds for recovery through cooperation by the relevant parties.
Download or read book Natural Disasters written by United States. Government Accountability Office and published by . This book was released on 2007 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, much attention has been focused on the roles that the private sector and federal government play in providing insurance and financial aid before and after catastrophic events. In this context, GAO examined (1) the rationale for and resources of federal and state programs that provide natural catastrophe insurance; (2) the extent to which Americans living in catastrophe-prone areas of the United States are uninsured and underinsured, and the types and amounts of federal payments to such individuals since the 2005 hurricanes; and (3) public policy options for revising the federal role in natural catastrophe insurance markets. To address these questions, GAO analyzed state and federal programs, examined studies of uninsured and underinsured homeowners and federal payments to them, identified and analyzed policy options, and interviewed officials from private and public sectors in both high- and low-risk areas of the United States. GAO also developed a four-goal framework to help analyze the available options. The federal government and some states have developed natural catastrophe insurance programs that supplement or substitute for private natural catastrophe insurance. These programs were created because homeowner coverage for catastrophic events is often not available from private insurers at prices deemed affordable by insurance regulators. Large losses associated with natural catastrophes are some of the biggest exposures that insurers face. Particularly in catastrophe-prone locations, government insurance programs have tended not to charge premiums that reflect the actual risks that homeowners face, resulting in financial deficits. After a resource-depleting disaster, the programs have postfunded themselves through, among other sources, payments from insurance companies and policyholders and appropriations from state and federal taxpayers. Large numbers of Americans are not insured for natural catastrophes. Homeowners may not purchase natural catastrophe insurance because doing so is voluntary and they may not believe that the risk justifies the expenditure. In addition, some homes may be underinsured--that is, not insured for the full replacement value. GAO estimates that the federal government made about $26 billion available to homeowners who lacked adequate insurance in response to the 2005 Hurricanes Katrina, Rita, and Wilma. Given the unsustainable fiscal path of federal and state governments, they will be challenged to maintain their current fiscal role. As Congress reevaluates the role of the federal government in insuring for natural catastrophes, Congress is faced with balancing the often-competing goals of ensuring that citizens are protected and limiting taxpayer exposure. This report examines seven public policy options for changing the federal government's role, including establishing an all-perils homeowner insurance policy, providing reinsurance for state catastrophe funds, and creating a mechanism to provide federal loans for state catastrophe funds. Each option has advantages and disadvantages, especially when weighed against competing public policy goals. For example, establishing an all-perils homeowner policy is a private sector approach that could help create broad participation. But low-income residents living in parts of the United States with high catastrophe risk could require subsidies, resulting in costs to the government. Similarly, federal reinsurance for state programs could lead to broader coverage, but could displace private reinsurance. GAO also identified several policy options for tax-based incentives for insurance companies, homeowners, investors, and state governments. But these options, which could help recipients better address catastrophe risk, could also result in ongoing costs to taxpayers. While some options would address the public policy goals of charging risk-based rates, encourage broad participation, or promote greater private sector participation, these policy goals need to be balanced with the desire to make rates affordable.
Download or read book The Financing of Catastrophe Risk written by Kenneth A. Froot and published by University of Chicago Press. This book was released on 2007-12-01 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Natural Disasters written by and published by . This book was released on 2008 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, much attention has been focused on the roles that the private sector and federal government play in providing insurance and financial aid before and after catastrophic events. In this context, the authors examined (1) the rationale for and resources of federal and state programs that provide natural catastrophe insurance; (2) the extent to which Americans living in catastrophe-prone areas of the United States are uninsured and underinsured, and the types and amounts of federal payments to such individuals since the 2005 hurricanes; and (3) public policy options for revising the federal role in natural catastrophe insurance markets.
Download or read book Federal Disaster Insurance written by United States. Congress. Senate. Committee on Banking and Currency and published by . This book was released on 1956 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pt. 2 Considers legislation to establish a Federal and state government subsidized national flood insurance program for businesses and private citizens.
Download or read book Federal Disaster Insurance written by United States. Congress. Senate. Committee on Banking and Currency and published by . This book was released on 1956 with total page 930 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pt. 2 Considers legislation to establish a Federal and state government subsidized national flood insurance program for businesses and private citizens.
Download or read book S 1361 the Natural Disaster Protection and Insurance Act of 1999 written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation and published by . This book was released on 2003 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book H R 21 the Homeowners Insurance Availability Act of 1999 written by United States. Congress. House. Committee on Banking and Financial Services and published by . This book was released on 2000 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Disaster Insurance written by United States. Congress. Senate. Committee on Banking and Currency and published by . This book was released on 1956 with total page 1290 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Descriptive Analysis of Federal Relief Insurance and Loss Reduction Programs for Natural Hazards written by Library of Congress. Congressional Research Service and published by . This book was released on 1993 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Disaster Insurance Protection written by Howard Kunreuther and published by John Wiley & Sons. This book was released on 1978 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Policy Approaches to the Lack of Available Homeowners Insurance in Disaster prone Areas written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 1997 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impacts of Natural Disasters written by National Research Council and published by National Academies Press. This book was released on 1999-05-06 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: We in the United States have almost come to accept natural disasters as part of our nation's social fabric. News of property damage, economic and social disruption, and injuries follow earthquakes, fires, floods and hurricanes. Surprisingly, however, the total losses that follow these natural disasters are not consistently calculated. We have no formal system in either the public or private sector for compiling this information. The National Academies recommends what types of data should be assembled and tracked.
Download or read book Natural Disasters written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, much attention has been focused on the roles that the private sector and federal government play in providing insurance and financial aid before and after catastrophic events. In this context, GAO examined (1) the rationale for and resources of federal and state programs that provide natural catastrophe insurance; (2) the extent to which Americans living in catastrophe-prone areas of the United States are uninsured and underinsured, and the types and amounts of federal payments to such individuals since the 2005 hurricanes; and (3) public policy options for revising the federal role in natural catastrophe insurance markets. To address these questions, GAO analyzed state and federal programs, examined studies of uninsured and underinsured homeowners and federal payments to them, identified and analyzed policy options, and interviewed officials from private and public sectors in both high- and low-risk areas of the United States. GAO also developed a four-goal framework to help analyze the available options.
Download or read book Issues and Options for Government Intervention in the Market for Terrorism Insurance written by Lloyd S. Dixon and published by Rand Corporation. This book was released on 2004 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the 9/11 terrorist attacks, the federal government adopted the Terrorism Risk Insurance Act (TRIA), which requires insurers to make terrorism coverage available to commercial policyholders. In exchange, the federal government will reimburse insurers for a portion of insured losses above a particular threshold. This paper frames the central issues in the debate over whether to extend, modify, or end TRIA, and explores the role of disaster insurance within a system for managing risks created by the possibility of terrorist attacks and compensating losses caused by those attacks.
