Managing Natural Catastrophe Risk: State Insurance Programs in the United States
This article surveys state-mandated programs in the United States aimed at providing natural catastrophe insurance to property owners and businesses unable to find policies in the private market. The article provides an overview of ten state programs that offer wind or earthquake coverage and outlines the motivation for establishing such programs. The implications of design and operation decisions, such as pricing strategies and contract options, are discussed, as well as how these programs interact with the private property insurance market. Finally, the article examines whether such programs can handle a truly catastrophic loss year and describes proposals for federal support of these programs. Copyright 2011, Oxford University Press.
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Volume (Year): 5 (2011)
Issue (Month): 1 (Winter)
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