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At War with the WeatherManaging Large-Scale Risks in a New Era of Catastrophes$
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Howard C. Kunreuther and Erwann O. Michel-Kerjan

Print publication date: 2009

Print ISBN-13: 9780262012829

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262012829.001.0001

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Policy Analysis of Alternative Programs: Comparing the Status Quo with a True Competitive Insurance Market

Policy Analysis of Alternative Programs: Comparing the Status Quo with a True Competitive Insurance Market

Chapter:
(p.269) 13 Policy Analysis of Alternative Programs: Comparing the Status Quo with a True Competitive Insurance Market
Source:
At War with the Weather
Author(s):

Howard C. Kunreuther

Erwann O. Michel-Kerjan

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262012829.003.0013

This chapter provides empirical evidence showing that residential losses to homeowners caused by hurricanes will be shared among the affected stakeholders under different market conditions. It looks at various stakeholders, including insured and uninsured homeowners, private insurers and reinsurers, state insurers, insurance policyholders, and general taxpayers. It also examines the role of mitigation in reducing the homeowners’ losses as well as the economic impact of a series of major hurricanes on the key stakeholders under the current disaster insurance programs in Texas, Florida, New York, and South Carolina. The four states varied in terms of the proportion of hurricane losses covered by private insurers for the 100-year return period under existing insurance programs. Coastal communities have the highest risk of wind damage from hurricanes in each of the four states and are therefore expected to pay much more for insurance than would other regions in these states.

Keywords:   residential losses, homeowners, hurricanes, disaster insurance, private insurers, mitigation, Texas, Florida, New York, South Carolina

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