Insuring Natural Catastrophes In America

Insuring Natural Catastrophes in America, THE CAMBRIDGE HANDBOOK OF DISASTER LAW: RISK, RECOVERY, AND REDEVELOPMENT (Forthcoming)

Penn State Law Research Paper No. 22-2021

19 Pages Posted: 13 Oct 2021 Last revised: 10 Jan 2022

See all articles by Christopher C. French

Christopher C. French

The Pennsylvania State University (University Park) – Penn State Law

Date Written: October 6, 2021

Abstract

With climate change, continued property development throughout the country, and a growing population, natural catastrophes are becoming more frequent and more damaging in America. The most common natural catastrophes are floods, tornadoes, hurricanes, wildfires, earthquakes, and landslides. Of these, only wind damage and wildfires currently are widely insured, and insurers are decreasing their sales and renewals of policies that cover properties in areas prone to natural catastrophes. Consequently, about 50% of the billions of dollars in losses annually caused by natural catastrophes currently are uninsured. This Chapter in the forthcoming The Cambridge Handbook of Disaster Law: Risk, Recovery, and Redevelopment addresses the existing state of the insurance market for natural catastrophes in America and proposes some new approaches to insuring natural catastrophes moving forward.

Keywords: insurance, natural disasters, natural catastrophes, floods, hurricanes, tornadoes, wildfires, earthquakes, landslides, correlated risks, business interruption, all risk, homeowners, public policy, catastrophe bonds, reinsurance, risk modeling, terrorism

JEL Classification: K10, K11, K12, K20, K23, K32, K33, H84, Q54, Q58

Suggested Citation

French, Christopher C., Insuring Natural Catastrophes In America (October 6, 2021). Insuring Natural Catastrophes in America, THE CAMBRIDGE HANDBOOK OF DISASTER LAW: RISK, RECOVERY, AND REDEVELOPMENT (Forthcoming), Penn State Law Research Paper No. 22-2021, Available at SSRN: https://ssrn.com/abstract=3937635 or http://dx.doi.org/10.2139/ssrn.3937635

Christopher C. French (Contact Author)

The Pennsylvania State University (University Park) – Penn State Law ( email )

Lewis Katz Building
University Park, PA 16802
United States

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