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Catastrophe insurance market in the Caribbean Region : market failures and recommendations for public sector interventions

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  • Auffret, Philippe
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    Abstract

    The Caribbean region suffers from a high degree of economic volatility. A history of repeated external and domestic shocks has made economic insecurity a major concern across the region. Of particular concern to all households, especially the poorest segments of the population, is the exposure to shocks that are generated by catastrophic events or natural disasters. The author develops a conceptual framework for risk management and shows that the insurance market for catastrophic risk in the Caribbean region remains a"thin"market characterized by"high"prices and"low"transfer of risk. He analyzes the possible market failures which could explain the lack of development of the catastrophe insurance market. Finally he outlines a set of recommendations for public sector interventions.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2963.

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    Date of creation: 31 Jan 2003
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    Handle: RePEc:wbk:wbrwps:2963

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    Related research

    Keywords: Payment Systems&Infrastructure; Non Bank Financial Institutions; Insurance&Risk Mitigation; Environmental Economics&Policies; Insurance&Risk Mitigation; Hazard Risk Management; Environmental Economics&Policies; Health Economics&Finance; Non Bank Financial Institutions;

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    1. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 84(3), pages 488-500, August.
    2. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(2), pages 277-97, April.
    3. Arellano, Manuel, 1993. "On the testing of correlated effects with panel data," Journal of Econometrics, Elsevier, Elsevier, vol. 59(1-2), pages 87-97, September.
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    Cited by:
    1. Evan Mills, 2007. "Synergisms between climate change mitigation and adaptation: an insurance perspective," Mitigation and Adaptation Strategies for Global Change, Springer, Springer, vol. 12(5), pages 809-842, June.
    2. Beck, T.H.L. & Torre, A. de la, 2007. "The basic analytics of access to financial services," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-3125424, Tilburg University.

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