Lessons from Recent Natural Disasters

Timothy McKeon, Charles Meade, J. Ben Watkins, Tim Richison and Barbara Goodson

Municipal Finance Journal, 2007, vol. 27, issue 4, 27 - 53

Abstract: From West Coast earthquakes and fires to southern hurricanes and northeastern blizzards, natural disasters have placed an added burden on analysts when assessing credit risk in the municipal market. Credit analysts must answer questions about how likely it is that a major disaster will strike and then how a particular natural disaster may affect the debt repayment abilities of the municipalities involved. The record, until recently, has been good, thanks to the limited damage and help from FEMA and private insurance. But Hurricane Katrina may be a turning point. Understanding how FEMA operates, what to expect from private casualty insurance (exclusions and deductibles), and the process of rebuilding are some of the variables that a credit analyst needs to consider.

Date: 2007
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