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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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Catastrophe Risk and the Regulation of Property Insurance: A Comparative Analysis across States

Catastrophe Risk and the Regulation of Property Insurance: A Comparative Analysis across States

Chapter:
(p.24) (p.25) 2 Catastrophe Risk and the Regulation of Property Insurance: A Comparative Analysis across States
Source:
At War with the Weather
Author(s):

Howard C. Kunreuther

Erwann O. Michel-Kerjan

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262012829.003.0002

This chapter examines important regulatory institutions and policies, the advantages and disadvantages of different regulatory policies, the responses of regulators to market developments, and how they may act in the future. It first outlines the government framework that governs property insurance markets, including insurance regulation, before turning to market and financial regulation and their impact on property insurance markets subject to catastrophe risk. It then compares market conditions and regulatory policies in four states: Texas, Florida, New York, and South Carolina. The chapter also considers the wind-versus-water controversy and related litigation and concludes with a discussion of the administration of residual market facilities and other government insurance and reinsurance mechanisms in the four states.

Keywords:   regulatory policies, property insurance, catastrophe risk, Texas, Florida, New York, South Carolina, litigation, reinsurance

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