MARC Record from Library of Congress

LEADER: 02814nam a22003017a 4500
001 2007615057
003 DLC
005 20070322113802.0
007 cr |||||||||||
008 070322s2007 mau sb 000 0 eng
010 $a 2007615057
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aKunreuther, Howard C.
245 10 $aClimate change, insurability of large-scale disasters and the emerging liability challenge$h[electronic resource] /$cHoward C. Kunreuther, Erwann O. Michel-Kerjan.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2007.
490 1 $aNBER working paper series ;$vworking paper 12821
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 3/22/2007.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper focuses on the interaction between uncertainty and insurability in the context of some of the risks associated with climate change. It discusses the evolution of insured losses due to weather-related disasters over the past decade, and the key drivers of the sharp increases in both economic and insured catastrophe losses over the past 20 years. In particular we examine the impact of development in hazard-prone areas and of global warming on the potential for catastrophic losses in the future. In this context we discuss the implications for insurance risk capital and the capacity of the insurance industry to handle large-scale events. A key question that needs to be addressed is the factors that determine the insurability of a risk and the extent of coverage offered by the private sector to provide protection against extreme events where there is significant uncertainty surrounding the probability and consequences of a catastrophic loss. We discuss the concepts of insurability by focusing on coverage for natural hazards, such as earthquakes, hurricanes and floods. The paper also focuses on the liability issues associated with global climate change, and possible implications for insurers (including D&O), given the difficulty in identifying potential defendants, tracing harm to their actions and apportioning damages among them. The paper concludes by suggesting ways that insurers can help mitigate future damages from global climate change by providing premium reductions and rate credits to companies investing in risk-reducing measures"--National Bureau of Economic Research web site.
700 1 $aKunreuther, Howard C.
700 1 $aErwann Michel-Kerjan, O.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 12821.
856 40 $uhttp://papers.nber.org/papers/w12821