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- catalog abstract "This paper argues that the financial exposure of households and firms to natural catastrophe disasters is borne primarily by insurance companies. Surprisingly, insurers use reinsurance to cover only a small fraction of theseexposures, yet many insurers do not have enough capital and surplus to survive medium or large disasters. In a well-functioning financial system, these risks would be more widely shared. This paper articulates eight different explanations that may lie behind the limited risk sharing, relating them both to recent industry developments and financial theory. I then examine how financial innovation can help change the equilibrium toward a more efficient outcome.".
- catalog contributor b10574113.
- catalog contributor b10574114.
- catalog created "c1997.".
- catalog date "1997".
- catalog date "c1997.".
- catalog dateCopyrighted "c1997.".
- catalog description "Includes bibliographical references.".
- catalog description "This paper argues that the financial exposure of households and firms to natural catastrophe disasters is borne primarily by insurance companies. Surprisingly, insurers use reinsurance to cover only a small fraction of theseexposures, yet many insurers do not have enough capital and surplus to survive medium or large disasters. In a well-functioning financial system, these risks would be more widely shared. This paper articulates eight different explanations that may lie behind the limited risk sharing, relating them both to recent industry developments and financial theory. I then examine how financial innovation can help change the equilibrium toward a more efficient outcome.".
- catalog extent "24 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; 98-023.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 98-023".
- catalog issued "1997".
- catalog issued "c1997.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog spatial "United States".
- catalog spatial "United States.".
- catalog subject "Disaster insurance United States Finance.".
- catalog subject "Reinsurance United States.".
- catalog subject "Risk (Insurance) United States.".
- catalog title "The limited financing of catastrophe risk : an overview / Kenneth A. Froot.".
- catalog type "text".