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Insuring California Earthquakes and the Role for Catastrophe Bonds

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Author Info
José Penalva
Abstract

The 1994 Northridge earthquake sent ripples to insurance conpanies everywhere. This was one in a series of natural disasters such as Hurricane Andrew which together with the problems in Lloyd's of London have insurance companies running for cover. This paper presents a calibration of the U.S. economy in a model with financial markets for insurance derivatives that suggests the U.S. economy can deal with the damage of natural catastrophe far better than one might think.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/527.pdf
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File Function: Whole Paper
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Publisher Info
Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 527.

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Date of creation: Jan 2001
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Handle: RePEc:upf:upfgen:527

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Web page: http://www.econ.upf.edu/

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Related research
Keywords: Catastrophe bonds; eartquake insurance; calibration; survival analysis;

Find related papers by JEL classification:
D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies

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