Risk Management Roles of the Public and Private Sector
Carolyn Kousky and
Risk Management and Insurance Review, 2018, vol. 21, issue 1, 181-204
Insurance is an essential component of household and community resilience. It protects insureds financially against disaster losses, can encourage investments in costâ€ effective mitigation measures through premium reductions, and facilitates the rebuilding of property and longâ€ term recovery. Private insurers face challenges in providing full protection against disasters. This has led governments around the world to create a variety of public insurance entities, often designed as publicâ€ private partnerships. At a November 2016 workshop, â€œImproving Disaster Financing: Evaluating Policy Interventions in Disaster Insurance Markets,â€ participants evaluated disaster insurance programs for flood, earthquake, and terrorism losses. This article synthesizes six papers and findings from the workshop and suggests ways to improve publicâ€ private partnerships for disaster financing in three interrelated areas: (1) risk communication, (2) risk reduction, and (3) risk transfer. It concludes with a proposal for a comprehensive insurance program that could harness the benefits of both the public and private sectors.
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Persistent link: https://EconPapers.repec.org/RePEc:bla:rmgtin:v:21:y:2018:i:1:p:181-204
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