Paying the Price: The Status and Role of Insurance Against Natural Disasters in the United States

Paying the Price: The Status and Role of Insurance Against Natural Disasters in the United States

by Howard Kunreuther
     
 

ISBN-10: 0309063612

ISBN-13: 9780309063616

Pub. Date: 07/09/1998

Publisher: National Academies Press

This book considers the effectiveness of insurance coverage for low-probability, high-consequence events such as natural disasters--and how insurance programs can successfully be used with other policy tools, such as building codes and standards, to encourage effective loss reduction measures.

The authors discuss the reasons for the dramatic increase in insured

Overview

This book considers the effectiveness of insurance coverage for low-probability, high-consequence events such as natural disasters--and how insurance programs can successfully be used with other policy tools, such as building codes and standards, to encourage effective loss reduction measures.

The authors discuss the reasons for the dramatic increase in insured losses from natural disasters since 1989 and the concern that insurers have about their ability to provide coverage against more such events in the future. It addresses why there has been an increasing demand for hazards insurance, what types of coverage private insurers are willing to offer, and the role of reinsurance and private-/public-sector initiatives at the state and federal levels for providing protection to victims of natural disasters.

Detailed case studies of the challenges facing Florida in the wake of Hurricane Andrew in 1992 and California following the Northridge earthquake in 1994 reveal the challenges facing the insurance industry as well as other concerned stakeholders. The National Flood Insurance Program illustrates how a public-/private-sector partnership can mitigate damages and provide financial protection to victims. The book identifies new initiatives for reducing future losses and providing funds for recovery through cooperation by the relevant parties.

Product Details

ISBN-13:
9780309063616
Publisher:
National Academies Press
Publication date:
07/09/1998
Series:
Natural Hazards and Disasters: Reducing Loss and Building Sustainability in a Hazardous World: A Series
Edition description:
New Edition
Pages:
318
Product dimensions:
6.00(w) x 9.00(h) x 1.01(d)

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