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Download PDF (77.1 Index Abraham, K.S. 133 Beck, Ulrich 129 absorbing risk 133 behavioral anomalies 6, 84–9, 243–4 actuarial estimation 109–10 behavior-control functions 106 ad hoc Beijing Normal University 90, 189, assistance 196 235 compensation tool 45 Ben-Shahar, Omri 134 direct payment 40, 169, 207 Biggert-Waters Flood Insurance institutions 30 Reform Act of 2012 69, 152 relief 71, 97 Bruggeman, Véronique 95 adaptation 253 business interruption 104 and climate change 103, 164 adverse selection 5, 13, 47, 54, 66–8, California Earthquake Authority 55, 75, 81–2, 97, 99, 111, 127, 140, 142 162, 246 capacity (of insurers) 6–8, 11, 19, 30, AES v Steadfast 116–19 53, 63–6, 82–4, 89–91, 96, 113, agricultural insurance 122–3, 126, 136, 152, 161–2 173, government-subsidized 50 176, 179–80, 217, 222, 225, 227–8, pilot projects 49 242–3, 249–52 policies 49, 50 and reinsurance 199, 206–8, 215 Regulation on Agriculture Insurance capacity gap 82, 228, 242, 252 50, 94 capital markets 11, 53, 54, 59, 64–5, aircraft insurance 110 212, 217–8, 221, 226–40 all-hazard insurance policy 245 Caribbean Catastrophe Risk Insurance Alternative Risk Transfers (ARTs) 217, Facility 60 221, 236 catastrophe (cat) bonds 3, 113, 182, ambiguity of risk 112–13 212 217–40 see also uncertainty see also insurance-linked securities, American International Group (AIG) insurance securitization 1, 104 catastrophe derivatives 182, 221–2 “appetite” of insurers 84 catastrophe disasters 5, 8, 12–6, 72, 74, Arrow, Kenneth 35 92, 102, 155, 171–3, 255–6 asbestos claims 108–9 see also natural catastrophes assessment insurance 110 catastrophe fund 142, 210–12, 254 asset-backed securitization 237 catastrophe insurance 6, 8–11, 13–4, Association of British Insurers (ABI) 44, 73, 80, 89–99, 103, 105, 108, 148, 149 112–14, 121–8, 129–175, 208–9, authoritarian regime 7, 33 212–5, 216 availability crisis 52 affordability 63, 66, 69–70, 125, 127–8 174, 206, 250, 256 Baker, Tom 133, 134 demand 84–9, 92–3 Barry, D. 133 feasibility 89 259 Qihao He - 9781788111867 Downloaded from Elgar Online at 09/29/2021 08:37:25AM via free access M4652-HE_9781788111850_t.indd 259 10/12/2018 14:03 260 Climate change and catastrophe management in a changing China insurability 6, 63–4, 80–82, 84, 89, see also greenhouse gases (GHGs), 103, 108–14 global warming market-enhancing framework 62 Coase, Ronald 62 markets 6, 17, 46–72, 77–9, 91 Code Effectiveness Grading Schedule rate regulation 51, 81, 83, 126 142 regulatory techniques 138–44 collaborative rural house insurance supply 80–84, 90–91 system 56–7 underwriting 6, 13, 49, 53, 59, 80, collective action problem167 83, 84, 89, 96, 112–13, 155, Cologne Reinsurance Company 176 176, 185, 188, 191, 213, 241–2, command-and-control structure 30, 249, 252 255 catastrophe models 226 Commercial General Liability (CGL) causal relationship 109–11 policy 118 causation uncertainty 114, 116 common prosperity 41 central government 19, 22, 27–44, 50, Community Rating System (CRS) 153 92, 120, 125, 173 compensating victims 7, 27–9, 69, 93, centralized planned economy 6, 17–21 173, 248 see also a centrally planned state competitive markets 5, 13, 75, 99 China Banking Regulatory compulsory insurance 95, 98, 127, 171, Commission 172 246 China Insurance Act 116–17 see also mandatory insurance China Insurance Regulatory concentration of losses 82, 123 Commission (CIRC) 23, 49, 208 consumer anomalies 9, 86 China Maritime Code 116 consumer protection 60, 83, 134 China Re 7, 91, 209, 211, 213, 217, contingent capital 182, 221–2 236 contract design 6, 122–3, 138, 140–41, China’s disaster policy 17–21 143, 145,147–8, 153, 156–7, 160, China’s disaster management 162–3,165, 171, 174, 184, 190, organization structure 23 194, 256 China’s Risk-Oriented Solvency copayments 140–41 System 208 coverage amount limit 140–41 Chinese miracle 60 deductibles 140–41, 147–8, 153, 156, Chinese People’s Liberation Army 162, 171 (PLA) 29– 31 exclusions 140–41, 148, 162 claim(s) management 6, 122–3, 138, corrective justice 95 143, 149, 154, 157, 160, 163, 165, correlated risks 81–2, 248 168, 172, 174, 190, 256 corruption problems 37–9 claims processing 189 cost-effective loss-reduction measures Clean Air Act 118 88, 96 climate change counterpart aid (duikou zhiyuan) 25–6, fund 121 32–6, 41–4, 46, 71–2 and insurance 103–8 regressive effects of 36, 41–3 liability claims related to 104 court enforcement 187 litigation 10, 103, 110, 118 crop insurance 195–6 mitigation 106–8 rise in sea levels 111 de facto risks 4–6, 9–11, 101–14, 119, 121–8, control over the insureds 144 241, 254 obligation 149, 165 tort lawsuits 108 regulators 132 victims 115–6, 122 reinsurer 159 Qihao He - 9781788111867 Downloaded from Elgar Online at 09/29/2021 08:37:25AM via free access M4652-HE_9781788111850_t.indd 260 10/12/2018 14:03 Index 261 declining to renew a policy 144 environmental liability insurance deep credit capacity 196, 210, 215, 252, 119–21 257 Epstein, Richard A. 47, 75 deliberative thinking 85–9 Ericson, R.V. 133 see also Kahneman, Daniel EU Solvency II Directive 208 deposit insurance system 55 European Flood Risk Management Digital Map of China Catastrophe Directive 64 Events (Zhongguo Juxing Dianzi ex ante 39, 119, 243 Zainan Ditu), 90 insurance 43, 69, 207 direct payment to victims 26, 28 mitigation actions 45 disability insurance 124 property risk reduction 136 disaster aid 20, 38, 72, 155, 255 regulation by insurance 141, 143 Disaster Defense and Reduction strategy 48 Policies 18 ex post 111 disaster mitigation 67, 252 bailout 207, 244 disaster monitoring systems 25, 67 financing 48 disaster prevention 17, 24–5, 67 government aid 43, 207 disaster recovery 35 indemnification 107 disaster relief 2, 5, 9–10, 13, 16–46, 48, moral hazard 123, 143 50, 64, 71, 88, 93–4, 130, 154, 213, regulation 143 241, 255 relief 43 disaster relief funds 28, 44 settling up 185 disaster response 22, 35 Whole-Nation System 69 disaster risk management 17, 18, 21–2, excess-of-loss contracts 66 24–5, 213 exchange-traded derivatives 221–5 distributive justice 95, 97 expected utility 53, 68, 76, 86–7, 92, Doherty, Neil 185 246 Doyle, A. 133 theory of choice 84 dual-track approach 56 experience-rated premiums 106 duty to defend 110, 118, 143 expropriation insurance 195 duty to indemnify 110 extreme weather-related disasters 2, 8, duty of utmost good faith 11, 184, 241 186–8, 194, 198, 201, 204–6, 214 see also weather-related catastrophes, weather extremes earning returns on investments 87 economic efficiency 34 facultative reinsurance 179 eight corners rule 117 Farrish, Thomas O. 133 emerging risk 109 Faure, Michael 95 emergency-driven management system feature rating 139 13 Federal Crop Insurance Program 55 emergency relief 13, 38, 72–3, 213, financial crisis 221–2, 232–3, 237, 256 239 short-run 38 financial instruments 74 emergency response 25, 30, 35, 45 Fire Suppression Rating Program Emergency Response Law 22, 24 142 Employment Practices Liability first-party insurance 10, 112, 135 Insurance (EPLI) 134 flat rate 156 entry controls 60 Flood Disaster Protection Act of 1973 entry into the market 188 154 environment liabilities 111 flood maps 147–8 Qihao He - 9781788111867 Downloaded from Elgar Online at 09/29/2021 08:37:25AM via free access M4652-HE_9781788111850_t.indd 261 10/12/2018 14:03 262 Climate change and catastrophe management in a changing China Flood Re 146–9 greenhouse gases (GHGs) 1, 102 Florida Hurricane Catastrophe Fund and emissions 1–5, 102–3, 108, 142 114–21, 253 Florida Citizens Property Insurance man-made 115 Corporation 78, 126 see also climate change France 9, 127, 131, 144, 155–8, 164–9, 177, 196–9 hazard cycle 14 Caisse Centrale de Réassurance health insurance 124, 245 (CCR) 127, 155, 177–8, 196–9, Heimer, Carol 133 249 Homeowner Flood Insurance Catastrophes Naturelles (Cat. Nat) Affordability Act of 2014 69, 164 System 155 homeowners’ insurance 6, 89, 123, Insurance Code 155–8 145–6, 246 fulfilling legal or other official Hurricane Andrew 64, 77, 82–3, 104, requirements 87 142, 191 193, 217, 222 Hurricane Katrina 78, 82–3, 88, 152, gentleman’s agreement 52, 145 154, 176, 181, 192, 226 global reinsurance capital 183 Hurricane Sandy 152, 176 global warming 4–5, 8, 241 goal-based model of choice 87–8 imperfect competition 54 Goshay, Robert 218 indemnity trigger 223 government bailouts 6, 39–40, 54, 68, index trigger 223 88–9, 93–4, 97–9, 124, 169–70, India’s National Agricultural Insurance 207–10, 244 Scheme 69 government bonds 194, 252 indirect intention 117 government catastrophe assistance indirect regulation of insureds 184, insurance 211 189–90, 194, 199, 202, 205–6 government failures 13, 35 insurability 6, 63–4, 80–82, 84, 89, governmental guarantee 197–8 108–14 government intervention 3, 13, 19, 25, uninsurable risk 112 50–72, 99, 166, 194, 207, 209, 215, insurance-as-governance 106, 133 244, 248, 256 see also regulation by insurance distortion-inducing 51 Insurance Institute for Business & government-provided compensation 47 Home Safety 142 government-sponsored reinsurance 11, Insurance Institute for Property Loss 176–215, 243, 249, 255 Reduction 142 government stimulation 46–72 insurance-linked securities (ILS) 3, of private catastrophe insurance 46 7–8, 11, 212, 218–40, 242–3, 254 government subsidized disaster relief upfront costs 235 program 21 see also catastrophe (cat) bonds, see also government subsidy insurance securitization program insurance regulation 132 government subsidy program 13 insurance securitization 218–40 see also government subsidized see also catastrophe (cat) bonds, disaster relief program
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