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Title: Managing Large-Scale Risks In a New Era of Catastrophes
Authors: Howard Kunreuther et al
Volume: 15  Number: 3  Issue: Summer 2008  Page: 1
Abstract:  The recent upsurge in hurricanes, coupled with increasing residential and commercial development in coastal areas of the United States, has exposed people and property to an entirely new scale of destruction, with cascading effects on homeowners, businesses located within these devastated areas and those depending on them, insurance and financial markets, and the public sector. In 2005, three major hurricanes - Katrina, Rita and Wilma - made landfall in the Gulf of Mexico within a six-week period, killing over 1,500 people and leading to insurance reimbursements and federal disaster relief of over $180 billion - an historic record. These three storms occurred after four other hurricanes had caused severe damage in Florida in 2004. With a focus on hurricane risk and flood hazard, and on providing protection to homeowners, Managing Large-Scale Risks in a New Era of Catastrophes provides a series of in-depth analyses of the efficiency and equity of current disaster insurance markets and mitigation programs in the United States, the impact of state-based regulations on insurance protection and the loss distributions among different stakeholders. To our knowledge, this is the first time that these types of data have been collected simultaneously for several consecutive years, analyzed and interpreted in the context of existing state insurance regulatory systems and the structure of the property insurance market in the United States. Our principal purpose in undertaking these in-depth studies is to examine alternative long-term sustainable strategies for reducing losses from natural disasters and providing financial support to victims of these events.
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Title: Mandatory Flood Coverage: Including the Excluded
Authors: Greg Nelson, CPCU, AIM
Volume: 15  Number: 3  Issue: Summer 2008  Page: 31
Abstract:  Hurricane Katrina was the largest catastrophe in U.S. history. Total damages exceeded $200 billion, but only $41 billion was covered by insurance because most victims did not have flood coverage. Many victims voluntarily chose not to buy flood insurance. Many others, however, did not believe flood insurance was necessary. The bulk of the costs of Katrina will be paid by federal and state agencies and ultimately borne by U.S. taxpayers. This situation is not unique to Katrina victims. Flooding has occurred in every state, and can occur virtually anywhere in the United States, yet most property owners do not have flood insurance. This article explores the reasons for this situation and suggests a reasonable solution for protecting every property from the peril of flood while reducing the cost to U.S. citizens from damage caused by floods.
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Title: Presentation of Aggregated Non-Products Asbestos Claims: Hartford Acc. & Indem. Co. v. ACE Am. Reinsurance Co.
Authors: Daniel J. Neppl, Anna C. Schumaker
Volume: 15  Number: 3  Issue: Summer 2008  Page: 63
Abstract:  This article provides an overview of aggregating multiple claims and ceding them to reinsurance treaties as a single occurrence. This article also addresses the distinction between products and non-products asbestos claims and presentation of those claims to reinsurance treaties. Finally, this article analyzes the recent decision by the Connecticut Supreme Court in Hartford Accident and Indemnity Co. v. ACE American Reinsurance Co., 284 Conn. 744, 936 A.2d 244 (Conn. 2007), a case involving the intersection of these two important issues to the insurance and reinsurance industry.
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