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A Comparative Study of Public–Private Catastrophe Insurance Systems: Lessons from Current Practices

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  • Youbaraj Paudel

    (Institute for Environmental Studies, VU University Amsterdam, De Boelelaan 1087, 1081 HV Amsterdam, The Netherlands. E-mails: y.paudel@vu.nl; w.j.w.botzen@vu.nl; j.c.j.h.aerts@vu.nl)

  • W J Wouter Botzen

    (Institute for Environmental Studies, VU University Amsterdam, De Boelelaan 1087, 1081 HV Amsterdam, The Netherlands. E-mails: y.paudel@vu.nl; w.j.w.botzen@vu.nl; j.c.j.h.aerts@vu.nl)

  • Jeroen C J H Aerts

    (Institute for Environmental Studies, VU University Amsterdam, De Boelelaan 1087, 1081 HV Amsterdam, The Netherlands. E-mails: y.paudel@vu.nl; w.j.w.botzen@vu.nl; j.c.j.h.aerts@vu.nl)

Abstract

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Suggested Citation

  • Youbaraj Paudel & W J Wouter Botzen & Jeroen C J H Aerts, 2012. "A Comparative Study of Public–Private Catastrophe Insurance Systems: Lessons from Current Practices," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 37(3), pages 603-603, July.
  • Handle: RePEc:pal:gpprii:v:37:y:2012:i:3:p:603-603
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    References listed on IDEAS

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    1. Froot, Kenneth A., 2001. "The market for catastrophe risk: a clinical examination," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 529-571, May.
    2. Robert E. Litan & Joseph E. Stiglitz, 2006. "Panel discussion: what is the appropriate role of the federal government in the private markets for credit and insurance? what is the outlook?," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 387-396.
    3. Kunreuther, Howard, 1996. "Mitigating Disaster Losses through Insurance," Journal of Risk and Uncertainty, Springer, vol. 12(2-3), pages 171-187, May.
    4. J. David Cummins, 2008. "CAT Bonds and Other Risk-Linked Securities: State of the Market and Recent Developments," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 11(1), pages 23-47, March.
    5. Coate, Stephen, 1995. "Altruism, the Samaritan's Dilemma, and Government Transfer Policy," American Economic Review, American Economic Association, vol. 85(1), pages 46-57, March.
    6. Pierre Picard, 2008. "Natural Disaster Insurance and the Equity-Efficiency Trade-Off," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 75(1), pages 17-38.
    7. Cassandra R. Cole & David A. Macpherson & Patrick F. Maroney & Kathleen A. McCullough & James W. (Jay) Newman, Jr & Charles Nyce, 2011. "The Use of Postloss Financing of Catastrophic Risk," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 14(2), pages 265-298, September.
    8. Lewis, Tracy & Nickerson, David, 1989. "Self-insurance against natural disasters," Journal of Environmental Economics and Management, Elsevier, vol. 16(3), pages 209-223, May.
    9. Jaffee Dwight M & Russell Thomas, 2006. "Should Governments Provide Catastrophe Insurance?," The Economists' Voice, De Gruyter, vol. 3(5), pages 1-8, April.
    10. 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.
    11. Eugene Gurenko & Rodney Lester & Olivier Mahul & Serap Oguz Gonulal, 2006. "Earthquake Insurance in Turkey : History of the Turkish Catastrophe Insurance Pool," World Bank Publications, The World Bank, number 7142.
    12. Nektarios Milton, 2011. "A Catastrophe Insurance System for the European Union," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 5(2), pages 1-22, July.
    13. J. David Cummins, 2006. "Should the government provide insurance for catastrophes?," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 337-380.
    14. Howard Kunreuther & Mark Pauly, 2006. "Rules rather than discretion: Lessons from Hurricane Katrina," Journal of Risk and Uncertainty, Springer, vol. 33(1), pages 101-116, September.
    15. Howard Kunreuther & Mark Pauly, 2006. "Rules Rather Than Discretion: Lessons from Hurricane Katrina," NBER Working Papers 12503, National Bureau of Economic Research, Inc.
    16. Priest, George L, 1996. "The Government, the Market, and the Problem of Catastrophic Loss," Journal of Risk and Uncertainty, Springer, vol. 12(2-3), pages 219-237, May.
    17. Cummins, J. David & Doherty, Neil & Lo, Anita, 2002. "Can insurers pay for the "big one"? Measuring the capacity of the insurance market to respond to catastrophic losses," Journal of Banking & Finance, Elsevier, vol. 26(2-3), pages 557-583, March.
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    Citations

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    Cited by:

    1. Nguyen, Cuong & Noy, Ilan, 2017. "Insuring earthquakes: How would the Californian and Japanese insurance programs have fared down under (after the 2011 New Zealand earthquake)?," Working Paper Series 6416, Victoria University of Wellington, School of Economics and Finance.
    2. repec:spr:nathaz:v:90:y:2018:i:1:d:10.1007_s11069-017-3053-6 is not listed on IDEAS
    3. Surminski, Swenja & Eldridge, Jillian, 2015. "Flood insurance in England: an assessment of the current and newly proposed insurance scheme in the context of rising flood risk," LSE Research Online Documents on Economics 66256, London School of Economics and Political Science, LSE Library.
    4. Hudson, Paul & Botzen, W.J. Wouter & Feyen, Luc & Aerts, Jeroen C.J.H., 2016. "Incentivising flood risk adaptation through risk based insurance premiums: Trade-offs between affordability and risk reduction," Ecological Economics, Elsevier, vol. 125(C), pages 1-13.
    5. Swenja Surminski & Paul Hudson & Jeroen Aerts & Wouter Botzen & M.Conceição Colaço & Florence Crick & Jill Eldridge & Anna Lorant & António Macedo & Reinhard Mechler & Carlos Neto & Robin Nicolai & Di, 2015. "Novel and improved insurance instruments for risk reduction," GRI Working Papers 188, Grantham Research Institute on Climate Change and the Environment.
    6. Botzen, W.J. Wouter & de Boer, Joop & Terpstra, Teun, 2013. "Framing of risk and preferences for annual and multi-year flood insurance," Journal of Economic Psychology, Elsevier, vol. 39(C), pages 357-375.
    7. Surminski, Swenja, 2014. "The role of insurance in reducing direct risk: the case of flood insurance," LSE Research Online Documents on Economics 60764, London School of Economics and Political Science, LSE Library.
    8. Noy, Ilan & Kusuma, Aditya & Nguyen, Cuong, 2017. "Insuring disasters: A survey of the economics of insurance programs for earthquakes and droughts," Working Paper Series 6408, Victoria University of Wellington, School of Economics and Finance.
    9. Amanda Savitt, 2017. "Insurance as a tool for hazard risk management? An evaluation of the literature," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 86(2), pages 583-599, March.

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