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1 results

  • 22 - Insuring Natural Catastrophes in America

  • from Part IV - Private Sector Initiatives to Promote Disaster Resilience and Recovery
  • Edited by Susan S. Kuo, John Travis Marshall, Ryan Rowberry
  • Book:
    The Cambridge Handbook of Disaster Law and Policy
    Published online:
    27 October 2022
    Print publication:
    29 September 2022, pp 366-377

  • Summary

    This chapter addresses insuring natural catastrophes in America. It provides an overview of the existing lines of insurance for natural catastrophe losses, such as homeowners insurance, commercial property insurance (including business interruption insurance), the National Flood Insurance Program, and earthquake insurance (including the California Earthquake Authority). Currently, most natural catastrophe losses are uninsured in America as a result of consumer ignorance regarding risk and private insurers’ general treatment of natural catastrophes as uninsurable correlated risks. Consequently, this chapter also includes a discussion of ways more natural catastrophe losses could be insured in America by considering the ways other developed countries throughout the world insure natural catastrophe losses.