Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions

The Caribbean region suffers from a high degree of economic volatility. A history of repeated external and domestic shocks has made economic insecurity a major concern across the region. Of particular concern to all households, especially the poore...

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Main Author:	Auffret, Philippe
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	CATASTROPHIC PHENOMENA INSURANCE PREMIUMS INSURANCE CASUALTY RISK MANAGEMENT MARKET FAILURE NATURAL DISASTERS DISASTER PREPAREDNESS DISASTER PRONE AREAS DISASTER RECOVERY CROP INSURANCE WEATHER MONITORING ADVERSE SELECTION MORAL HAZARD LAND USE REINSURANCE ADVERSE SELECTION AGENTS APPROPRIATE TECHNOLOGY BONDS BROKERS BUILDING CODES CATASTROPHE REINSURANCE CATASTROPHES CATASTROPHIC LOSSES CATASTROPHIC RISKS CIVIL DEFENSE COMMODITIES COMPULSORY INSURANCE CONCEPTUAL FRAMEWORK CONSUMERS CONTINGENCY PLANS COVERAGE DEBT DECISION MAKING DEVELOPED COUNTRIES DISASTER ASSISTANCE DISASTER EMERGENCY RESPONSE DISASTER INSURANCE DISASTER MANAGEMENT DISASTER MITIGATION DISASTER VICTIMS DISASTERS EARTHQUAKE INSURANCE EARTHQUAKES EMERGENCIES EMERGENCY MANAGEMENT EMERGENCY RECOVERY EMERGENCY RELIEF EMPLOYMENT ENVIRONMENTAL CONTAMINATION ENVIRONMENTAL MANAGEMENT EVACUATION FARMERS FATALITIES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FIXED COSTS FLOOD PRONE AREAS FLOODING FLOODS FUTURES HOUSING HURRICANES INCOME INSURANCE INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE POLICIES INSURANCE TRANSACTIONS INSURED LOSSES LANDSLIDES LIFE INSURANCE LOW INCOME MARKET FAILURES MITIGATION MITIGATION MEASURES MORAL HAZARD PROBLEMS MORTGAGES NATURAL HAZARDS NON-LIFE INSURANCE POLICY RESEARCH POLICYHOLDERS POOR FARMERS PREMIUMS PRIVATE SECTOR PRODUCERS PROGRAMS PROPERTY INSURANCE PROPORTIONAL REINSURANCE RATES REGIONAL RISK MANAGEMENT REINSURANCE COMPANIES REINSURANCE MARKETS REINSURANCE PREMIUMS REINSURERS RELIEF RIOTS RISK ASSESSMENT RISK MITIGATION RISK REDUCTION RISK TRANSFER RIVER BASINS RURAL COMMUNITIES SAVINGS SCIENTIFIC RESEARCH SECURITIES TIMBER UNDERWRITING UNINSURED LOSSES WARNING SYSTEMS
Online Access:	http://hdl.handle.net/10986/19184

id	okr-10986-19184
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spelling	okr-10986-191842017-12-14T04:16:38Z Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions Auffret, Philippe CATASTROPHIC PHENOMENA INSURANCE PREMIUMS INSURANCE CASUALTY RISK MANAGEMENT MARKET FAILURE NATURAL DISASTERS DISASTER PREPAREDNESS DISASTER PRONE AREAS DISASTER RECOVERY CROP INSURANCE WEATHER MONITORING ADVERSE SELECTION MORAL HAZARD LAND USE REINSURANCE ADVERSE SELECTION AGENTS APPROPRIATE TECHNOLOGY BONDS BROKERS BUILDING CODES CATASTROPHE REINSURANCE CATASTROPHES CATASTROPHIC LOSSES CATASTROPHIC RISKS CIVIL DEFENSE COMMODITIES COMPULSORY INSURANCE CONCEPTUAL FRAMEWORK CONSUMERS CONTINGENCY PLANS COVERAGE CROP INSURANCE DEBT DECISION MAKING DEVELOPED COUNTRIES DISASTER ASSISTANCE DISASTER EMERGENCY RESPONSE DISASTER INSURANCE DISASTER MANAGEMENT DISASTER MITIGATION DISASTER PREPAREDNESS DISASTER VICTIMS DISASTERS EARTHQUAKE INSURANCE EARTHQUAKES EMERGENCIES EMERGENCY MANAGEMENT EMERGENCY RECOVERY EMERGENCY RELIEF EMPLOYMENT ENVIRONMENTAL CONTAMINATION ENVIRONMENTAL MANAGEMENT EVACUATION FARMERS FATALITIES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FIXED COSTS FLOOD PRONE AREAS FLOODING FLOODS FUTURES HOUSING HURRICANES INCOME INSURANCE INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE POLICIES INSURANCE PREMIUMS INSURANCE TRANSACTIONS INSURED LOSSES LANDSLIDES LIFE INSURANCE LOW INCOME MARKET FAILURES MITIGATION MITIGATION MEASURES MORAL HAZARD MORAL HAZARD PROBLEMS MORTGAGES NATURAL DISASTERS NATURAL HAZARDS NON-LIFE INSURANCE POLICY RESEARCH POLICYHOLDERS POOR FARMERS PREMIUMS PRIVATE SECTOR PRODUCERS PROGRAMS PROPERTY INSURANCE PROPORTIONAL REINSURANCE RATES REGIONAL RISK MANAGEMENT REINSURANCE COMPANIES REINSURANCE MARKETS REINSURANCE PREMIUMS REINSURERS RELIEF RIOTS RISK ASSESSMENT RISK MANAGEMENT RISK MITIGATION RISK REDUCTION RISK TRANSFER RIVER BASINS RURAL COMMUNITIES SAVINGS SCIENTIFIC RESEARCH SECURITIES TIMBER UNDERWRITING UNINSURED LOSSES WARNING SYSTEMS The Caribbean region suffers from a high degree of economic volatility. A history of repeated external and domestic shocks has made economic insecurity a major concern across the region. Of particular concern to all households, especially the poorest segments of the population, is the exposure to shocks that are generated by catastrophic events or natural disasters. The author develops a conceptual framework for risk management and shows that the insurance market for catastrophic risk in the Caribbean region remains a "thin" market characterized by "high" prices and "low" transfer of risk. He analyzes the possible market failures which could explain the lack of development of the catastrophe insurance market. Finally he outlines a set of recommendations for public sector interventions. 2014-08-01T16:42:53Z 2014-08-01T16:42:53Z 2003-01 http://hdl.handle.net/10986/19184 English en_US Policy Research Working Paper;No. 2963 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Latin America & Caribbean Caribbean
repository_type	Digital Repository
institution_category	Foreign Institution
institution	World Bank
building	World Bank Open Knowledge Repository
collection	Online Access
language	English en_US
topic	CATASTROPHIC PHENOMENA INSURANCE PREMIUMS INSURANCE CASUALTY RISK MANAGEMENT MARKET FAILURE NATURAL DISASTERS DISASTER PREPAREDNESS DISASTER PRONE AREAS DISASTER RECOVERY CROP INSURANCE WEATHER MONITORING ADVERSE SELECTION MORAL HAZARD LAND USE REINSURANCE ADVERSE SELECTION AGENTS APPROPRIATE TECHNOLOGY BONDS BROKERS BUILDING CODES CATASTROPHE REINSURANCE CATASTROPHES CATASTROPHIC LOSSES CATASTROPHIC RISKS CIVIL DEFENSE COMMODITIES COMPULSORY INSURANCE CONCEPTUAL FRAMEWORK CONSUMERS CONTINGENCY PLANS COVERAGE CROP INSURANCE DEBT DECISION MAKING DEVELOPED COUNTRIES DISASTER ASSISTANCE DISASTER EMERGENCY RESPONSE DISASTER INSURANCE DISASTER MANAGEMENT DISASTER MITIGATION DISASTER PREPAREDNESS DISASTER VICTIMS DISASTERS EARTHQUAKE INSURANCE EARTHQUAKES EMERGENCIES EMERGENCY MANAGEMENT EMERGENCY RECOVERY EMERGENCY RELIEF EMPLOYMENT ENVIRONMENTAL CONTAMINATION ENVIRONMENTAL MANAGEMENT EVACUATION FARMERS FATALITIES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FIXED COSTS FLOOD PRONE AREAS FLOODING FLOODS FUTURES HOUSING HURRICANES INCOME INSURANCE INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE POLICIES INSURANCE PREMIUMS INSURANCE TRANSACTIONS INSURED LOSSES LANDSLIDES LIFE INSURANCE LOW INCOME MARKET FAILURES MITIGATION MITIGATION MEASURES MORAL HAZARD MORAL HAZARD PROBLEMS MORTGAGES NATURAL DISASTERS NATURAL HAZARDS NON-LIFE INSURANCE POLICY RESEARCH POLICYHOLDERS POOR FARMERS PREMIUMS PRIVATE SECTOR PRODUCERS PROGRAMS PROPERTY INSURANCE PROPORTIONAL REINSURANCE RATES REGIONAL RISK MANAGEMENT REINSURANCE COMPANIES REINSURANCE MARKETS REINSURANCE PREMIUMS REINSURERS RELIEF RIOTS RISK ASSESSMENT RISK MANAGEMENT RISK MITIGATION RISK REDUCTION RISK TRANSFER RIVER BASINS RURAL COMMUNITIES SAVINGS SCIENTIFIC RESEARCH SECURITIES TIMBER UNDERWRITING UNINSURED LOSSES WARNING SYSTEMS
spellingShingle	CATASTROPHIC PHENOMENA INSURANCE PREMIUMS INSURANCE CASUALTY RISK MANAGEMENT MARKET FAILURE NATURAL DISASTERS DISASTER PREPAREDNESS DISASTER PRONE AREAS DISASTER RECOVERY CROP INSURANCE WEATHER MONITORING ADVERSE SELECTION MORAL HAZARD LAND USE REINSURANCE ADVERSE SELECTION AGENTS APPROPRIATE TECHNOLOGY BONDS BROKERS BUILDING CODES CATASTROPHE REINSURANCE CATASTROPHES CATASTROPHIC LOSSES CATASTROPHIC RISKS CIVIL DEFENSE COMMODITIES COMPULSORY INSURANCE CONCEPTUAL FRAMEWORK CONSUMERS CONTINGENCY PLANS COVERAGE CROP INSURANCE DEBT DECISION MAKING DEVELOPED COUNTRIES DISASTER ASSISTANCE DISASTER EMERGENCY RESPONSE DISASTER INSURANCE DISASTER MANAGEMENT DISASTER MITIGATION DISASTER PREPAREDNESS DISASTER VICTIMS DISASTERS EARTHQUAKE INSURANCE EARTHQUAKES EMERGENCIES EMERGENCY MANAGEMENT EMERGENCY RECOVERY EMERGENCY RELIEF EMPLOYMENT ENVIRONMENTAL CONTAMINATION ENVIRONMENTAL MANAGEMENT EVACUATION FARMERS FATALITIES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FIXED COSTS FLOOD PRONE AREAS FLOODING FLOODS FUTURES HOUSING HURRICANES INCOME INSURANCE INSURANCE COMPANIES INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE POLICIES INSURANCE PREMIUMS INSURANCE TRANSACTIONS INSURED LOSSES LANDSLIDES LIFE INSURANCE LOW INCOME MARKET FAILURES MITIGATION MITIGATION MEASURES MORAL HAZARD MORAL HAZARD PROBLEMS MORTGAGES NATURAL DISASTERS NATURAL HAZARDS NON-LIFE INSURANCE POLICY RESEARCH POLICYHOLDERS POOR FARMERS PREMIUMS PRIVATE SECTOR PRODUCERS PROGRAMS PROPERTY INSURANCE PROPORTIONAL REINSURANCE RATES REGIONAL RISK MANAGEMENT REINSURANCE COMPANIES REINSURANCE MARKETS REINSURANCE PREMIUMS REINSURERS RELIEF RIOTS RISK ASSESSMENT RISK MANAGEMENT RISK MITIGATION RISK REDUCTION RISK TRANSFER RIVER BASINS RURAL COMMUNITIES SAVINGS SCIENTIFIC RESEARCH SECURITIES TIMBER UNDERWRITING UNINSURED LOSSES WARNING SYSTEMS Auffret, Philippe Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions
geographic_facet	Latin America & Caribbean Caribbean
relation	Policy Research Working Paper;No. 2963
description	The Caribbean region suffers from a high degree of economic volatility. A history of repeated external and domestic shocks has made economic insecurity a major concern across the region. Of particular concern to all households, especially the poorest segments of the population, is the exposure to shocks that are generated by catastrophic events or natural disasters. The author develops a conceptual framework for risk management and shows that the insurance market for catastrophic risk in the Caribbean region remains a "thin" market characterized by "high" prices and "low" transfer of risk. He analyzes the possible market failures which could explain the lack of development of the catastrophe insurance market. Finally he outlines a set of recommendations for public sector interventions.
format	Publications & Research :: Policy Research Working Paper
author	Auffret, Philippe
author_facet	Auffret, Philippe
author_sort	Auffret, Philippe
title	Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions
title_short	Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions
title_full	Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions
title_fullStr	Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions
title_full_unstemmed	Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions
title_sort	catastrophe insurance market in the caribbean region : market failures and recommendations for public sector interventions
publisher	World Bank, Washington, DC
publishDate	2014
url	http://hdl.handle.net/10986/19184
_version_	1610778148873437184

Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions

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