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Managing Economic Exposures of Natural Disasters: Exploring Alternative Financial Risk Management Opportunities and Instruments

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  • Torben Andersen
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    Abstract

    The report makes a general assessment of the need for catastrophe risk transfer in Latin America and the Caribbean. It analyzes different ways in which risk transfer can take place in the form of conventional reinsurance contracts as well as newer derivative instruments and risk-linked securities.

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    File URL: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=622037
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    Bibliographic Info

    Paper provided by Inter-American Development Bank in its series IDB Publications with number 8934.

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    Date of creation: Nov 2001
    Date of revision:
    Handle: RePEc:idb:brikps:8934

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    Related research

    Keywords: Disasters; Financial Sector; Alternative Financial Risk Management; Economic Exposures; Natural Disasters; Gestión de Riesgo y Financiamento Alternativo;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Kenneth A. Froot, 1999. "The Market for Catastrophe Risk: A Clinical Examination," NBER Working Papers 7286, National Bureau of Economic Research, Inc.
    2. Grossman, Sanford J & Hart, Oliver D, 1983. "An Analysis of the Principal-Agent Problem," Econometrica, Econometric Society, vol. 51(1), pages 7-45, January.
    3. Dong, Weimin & Shah, Haresh & Wong, Felix, 1996. "A Rational Approach to Pricing of Catastrophe Insurance," Journal of Risk and Uncertainty, Springer, vol. 12(2-3), pages 201-18, May.
    4. J. David Cummins & Christopher M. Lewis & Richard D. Phillips, 1998. "Pricing Excess-of-loss Reinsurance Contracts Against Catastrophic Loss," Center for Financial Institutions Working Papers 98-09, Wharton School Center for Financial Institutions, University of Pennsylvania.
    5. Howard Kunreuther, 2001. "Mitigation and Financial Risk Management for Natural Hazards*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 26(2), pages 277-296, April.
    6. John Major, 1999. "Index Hedge Performance: Insurer Market Penetration and Basis Risk," NBER Chapters, in: The Financing of Catastrophe Risk, pages 391-432 National Bureau of Economic Research, Inc.
    7. David M. Cutler & Richard J. Zeckhauser, 1997. "Reinsurance for Catastrophes and Cataclysms," NBER Working Papers 5913, National Bureau of Economic Research, Inc.
    8. Kenneth A. Froot & Paul G. J. O'Connell, 1999. "The Pricing of U.S. Catastrophe Reinsurance," NBER Chapters, in: The Financing of Catastrophe Risk, pages 195-232 National Bureau of Economic Research, Inc.
    9. O'Brien, Thomas, 1997. "Hedging strategies using catastrophe insurance options," Insurance: Mathematics and Economics, Elsevier, vol. 21(2), pages 153-162, November.
    10. Kunreuther, Howard, 1996. "Mitigating Disaster Losses through Insurance," Journal of Risk and Uncertainty, Springer, vol. 12(2-3), pages 171-87, May.
    11. Rothschild, Michael & Stiglitz, Joseph E, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 630-49, November.
    12. Dwight M. Jaffee & Thomas Russell, 1996. "Catastrophe Insurance, Capital Markets and Uninsurable Risks," Center for Financial Institutions Working Papers 96-12, Wharton School Center for Financial Institutions, University of Pennsylvania.
    13. Paul Kleindorfer & Howard Kunreuther, 1999. "Challenges Facing the Insurance Industry in Managing Catastrophic Risks," NBER Chapters, in: The Financing of Catastrophe Risk, pages 149-194 National Bureau of Economic Research, Inc.
    14. James G. Bohn & Brian Hall, 1999. "The Moral Hazard of Insuring the Insurers," NBER Chapters, in: The Financing of Catastrophe Risk, pages 363-390 National Bureau of Economic Research, Inc.
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    Cited by:
    1. Paul Freeman & Leslie A. Martin & Joanne Linnerooth-Bayer & Koko Warner & Allan M. Lavell & Omar D. Cardona & Howard Kunreuther, 2001. "National Systems and Institutional Mechanisms for the Comprehensive Management of Disaster Risk: Phase 1," IDB Publications 23798, Inter-American Development Bank.

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