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dc.contributor.authorJametti, Marioen_US
dc.contributor.authorvon Ungern-Sternberg, Thomasen_US
dc.date.accessioned2009-10-06en_US
dc.date.accessioned2010-05-14T08:23:11Z-
dc.date.available2010-05-14T08:23:11Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/30610-
dc.description.abstractThis paper studies the evolution of hurricane insurance in Florida over the last decades. Hurricanes (and other natural catastrophes) are typically referred to as uninsurable” risks. The more exposed property owners find it difficult to obtain insurance cover from the private market and/or can do so only at premiums that substantially exceed their expected claims costs. The state of Florida has reacted to the incapacity of the private sector to insure hurricane risks at reasonable premium levels with the creation of Citizens Property Insurance Corporation (an insurer of last resort) and the Florida Hurricane Catastrophe Fund. Their existence has resulted in substantial premium reductions for the Florida property owners. Both institutions have the possibility of spreading the costs of a major hurricane over a (very) large number of policy holders through after the event compulsory assessments. The risk borne by each individual property owner is thus reasonably small, with substantial benefits for consumers as a group. Looking forward the challenge to the policy maker will be to fine-tune the operation (premium structure) of these two institutions so as to increase their political acceptance. To this end it will be necessary to limit the implicit subsidy of the bad risks” through the good risks”.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2768en_US
dc.subject.jelG22en_US
dc.subject.jelL51en_US
dc.subject.jelL33en_US
dc.subject.ddc330en_US
dc.subject.keywordhurricaneen_US
dc.subject.keywordcatastrophe insuranceen_US
dc.subject.keywordregulationen_US
dc.subject.keywordmarket failureen_US
dc.subject.keywordFloridaen_US
dc.subject.stwElementarschadenversicherungen_US
dc.subject.stwSturmen_US
dc.subject.stwMarktversagenen_US
dc.subject.stwRegulierungen_US
dc.subject.stwFloridaen_US
dc.titleHurricane insurance in Floridaen_US
dc.typeWorking Paperen_US
dc.identifier.ppn610034359en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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