Climate Change, Catastrophe Risk And Government Responsibilities, Qihao He
Aug 2015
Climate Change, Catastrophe Risk And Government Responsibilities, Qihao He
Qihao He
Due to climate change and an increasing concentration of the world’s population in vulnerable areas, how to manage catastrophe risk efficiently and cover disaster losses fairly is still a universal dilemma. Under the current political-economy configuration of “socialism with Chinese characteristics”, China’s mechanism for managing catastrophic disaster risk demands for the participation of private insurance. This article starts a broader discussion about government responsibilities for developing catastrophe insurance in China and may provide insights for other transitional nations. I propose a catastrophe insurance market-enhancing framework which marries the merits of both market and government to manage catastrophe risks. There are …
Insuring Floods: The Most Common And Devastating Natural Catastrophies In America, Christopher French
Feb 2015
Insuring Floods: The Most Common And Devastating Natural Catastrophies In America, Christopher French
Christopher C. French
Flooding is the most common natural catastrophe Americans face, accounting for 90% of all damage caused by natural catastrophes. Hurricanes Katrina and Sandy, for example, collectively caused over $160 billion in damage, but only approximately 10% of the Hurricane Katrina victims and 50% of the Hurricane Sandy victims had insurance to cover their flood losses. Consequently, both their homes and lives were left in ruins in the wake of the storms. Nationwide, only approximately 7% of homeowners have insurance that covers flood losses even though the risk of flooding is only increasing as coastal areas continue to be developed and …
Climate Change And Federal Crop Insurance, Chad G. Marzen, Grant Ballard
Dec 2014
Climate Change And Federal Crop Insurance, Chad G. Marzen, Grant Ballard
Chad G. Marzen
The federal crop insurance program is well-positioned today to promote resilient agricultural practices that mitigate the future impact of climate change. In light of climate change risk, this Article examines issues relating to climate change and the federal crop insurance program. Part I of this Article examines the present risk of climate change in agriculture and discusses recent steps taken to address climate change in agriculture in general, specifically within the federal crop insurance program. As a condition to federal crop insurance coverage, a farmer-insured must utilize "good farming practices" to obtain coverage for covered causes of loss. Part II …
The Role Of The Profit Imperative In Risk Management, Christopher French
Dec 2014
The Role Of The Profit Imperative In Risk Management, Christopher French
Christopher C. French
Risks in the world abound. Every day there is a chance that each of us could be in a car accident. Or, one of us could be the victim of a tornado, flood or earthquake. Every day someone becomes deathly ill from an insidious disease. Our properties are in constant peril—one’s house could catch fire at any time or a tree could fall on it during a storm. Any one of these events could have devastating financial consequences, and they are just a few of the many risks that impact our daily lives. One of the principal ways we manage …
