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Insurance and catastrophes: The changing role of the liability system

Author

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  • W. Kip Viscusi

    (George G. Allen Professor of Economics, Department of Economics, Duke University, 27708-0097 Durham NC)

Abstract

Insurance catastrophes are increasingly the result of actions by human beings rather than nature. Chief among these insurance changes has been the surge in tort liability insurance costs. Unfortunately, the courts have misunderstood the mechanisms for transmitting these costs throughout the economy. A principal deficiency is that the structure of liability has been inconsistent with the courts' assumption that the losses could be borne by consumers or parties other than the insurer. The Geneva Papers on Risk and Insurance Theory (1995) 20, 177–184. doi:10.1007/BF01258393

Suggested Citation

  • W. Kip Viscusi, 1995. "Insurance and catastrophes: The changing role of the liability system," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 20(2), pages 177-184, December.
    • Handle: RePEc:pal:genrir:v:20:y:1995:i:2:p:177-184
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    Cited by:

    1. Eric Langlais & Andreea Cosnita-Langlais, 2022. "Endogenous market structures, product liability, and the scope of product differentiation," Working Papers hal-04159801, HAL.
    2. Éric Langlais, 2008. "Indemnisation des préjudices et fréquence des procès en présence d'une asymétrie d'information sur l'aversion au risque des parties," Recherches économiques de Louvain, De Boeck Université, vol. 74(2), pages 191-218.
    3. Henri Loubergé, 1998. "Risk and Insurance Economics 25 Years After," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 23(4), pages 540-567, October.
    4. Yu, Li & Yin, Xundong & Chen, Yulong, 2018. "The behavioural economics of health protection: an empirical evidence of moral hazard in U.S. hog farms," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 62(4), October.

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