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Managing the escalating risks of natural catastrophes in the United States

  • Source(s): Lloyd's
  • Publication date: 2011
  • Number of pages: 27 p.

This report sets out nine key principles for addressing the issue of rising losses from extreme weather events and other natural catastrophes in the US: (i) the protection of US property owners from natural catastrophe losses is ensuring there is a healthy, private insurance market, (ii) government intervention in private insurance markets should be kept to a minimum, (iii) risk-based pricing is the fairest and most sustainable solution, (iv) specialist international insurers and reinsurers add value to the US natural catastrophe market through additional capacity and expertise, (v) government and insurers must respond to changing trends in the frequency and severity of losses, (vi) government has an important role to play in helping develop risk mitigation measures and rewarding adaptation to reduce the overall costs to the economy, (vii) the insurance industry has a key role to play in helping build more resilient communities, (viii) good quality data and hazard mapping is critical to robust underwriting, and (ix) to encourage a responsible approach to risk in society.

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Keywords

  • Themes:Economics of DRR, GIS & Mapping, Governance, Insurance & Risk Transfer, Social Impacts & Resilience
  • Countries/Regions:United States of America

  • Short URL:http://preventionweb.net/go/22347

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