The allocation of catastrophe risk |
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| Institution: | 1. School of Finance, Nankai University, Tianjin, China;2. Providence University, PAIR, and NCCU-RIRC, Taiwan;1. School of Management, Kyung Hee University, Hoegi-dong, Dongdaemun-gu, Seoul, 130-701, Republic of Korea;2. Department of Mathematics, Korea University, Anam-ro, Seongbuk-gu, Seoul, 136-701, Republic of Korea;3. Department of Business Administration, Yongin University, Yongindaehak-ro, Cheoin-gu, Yongin-si, Gyeonggi-do, 449-714, Republic of Korea;1. Institute of Insurance Economics, University of St. Gallen, Tannenstrasse 19, 9000 St. Gallen, Switzerland;2. Deloitte AG, General-Guisan-Quai 38, 8022 Zürich, Switzerland |
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| Abstract: | The potential losses from catastrophes have led financial researchers to address the following questions: (1) to what extent is catastrophe risk being shared (insured) and is the allocation of catastrophe risk consistent with notions of optimal risk sharing? (2) if not, what market imperfections hinder the efficient allocation of catastrophe risk? and (3) are there government policies or private market solutions that could lead to a more efficient allocation of catastrophe risk? This paper summarizes the research that has been conducted on these questions. |
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