Overview

This text considers the effectiveness of insurance coverage for low-probability, high-consequence events such as natural disasters - and how insurance programmes can successfully be used with their 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 insurers have about their ability to provide coverage against more such events in the future. They 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 volume goes on to identify new intiatives for reducing future losses and providing funds for recovery through cooperation by the relevant parties.

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9780309063616

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Howard Kunreuther and Richard J. Roth, Sr., Editors; A Joseph Henry Press book

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