Catastrophe risk financing in the United States and the European Union: A comparative analysis of alternative regulatory approaches

Journal of Risk and Insurance

Volumn 76, Issue 3, 2009, Pages 607-637

  Klein, Robert W ^a   Wang, Shaun ^a  

^a GEORGIA STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 69449086935     PISSN: 00224367     EISSN: 15396975     Source Type: Journal    
DOI: 10.1111/j.1539-6975.2009.01308.x     Document Type: Conference Paper

References (43)

1. Adam, J., 2006, Capital Efficiency, Reinsurance and Risk Securitisations: New Structures and the Changing Regulatory Scene, Speech Transcript, The Geneva Association International Insurance and Finance Seminar, December.
2. A.M. Best, 2006, Catastrophe Risk Management Incorporated Within the Rating Analysis (Oldwick, NJ : A.M. Best).
3. Butt, M., 2007, Insurance, Finance, Solvency II and Financial Market Interaction, The Geneva Papers on Risk and Insurance - Issues and Practice, 32 : 42 45.
4. Casualty Actuarial Society, 2006, Review and Comparison of Rating Agency Capital Models (Arlington, VA : Casualty Actuarial Society).
5. Commission of the European Communities, 2007, Proposal for a Directive of the European Parliament of the Council on the Taking-Up and Pursuit of the Business of Insurance and Reinsurance: Solvency II, Brussels, July 10.
6. Cummins, J. D., 1988, Risk-Based Premiums for Insurance Guaranty Funds, Journal of Finance, 43 : 823 839.
7. Cummins, J. D., 2007, Reinsurance for Natural and Man-Made Catastrophes in the United States: Current State of the Market and Regulatory Reforms, Risk Management and Insurance Review, 10 : 179 220.
8. Cummins, J. D., 2008, Cat Bonds and Other Risk-Linked Securities: Current State of the Market and Regulatory Reforms, Risk Management and Insurance Review, 11 : 23 47.
9. Cummins, J. D., M. Grace, and R. D. Phillips, 1999, Regulatory Solvency Prediction in Property-Liability Insurance: Risk-Based Capital, Audit Ratios, and Cash Flow Simulation, Journal of Risk and Insurance, 66 (3 417 458.
10. Cummins, J. D., S. E. Harrington, and R. W. Klein, 1995, Insolvency Experience, Risk-Based Capital, and Prompt Corrective Action in Property-Liability Insurance, Journal of Banking and Finance, 19 : 511 530.
11. Cummins, J. D., M. Suher, and G. Zanjani, 2007, Federal Financial Exposure to Catastrophic Risk, Working Paper, Temple University.
12. Davidson, R. J., Jr., 1996, Tax-Deductible, Pre-Event Catastrophe Reserves, Journal of Insurance Regulation, 15/2 : 175 190.
13. De Mey, J., 2007, Insurance and the Capital Markets, The Geneva Papers on Risk and Insurance - Issues and Practice, 32 : 35 41.
14. Eling, M., and I. Holzmuller, 2008, An International Overview and Evaluation of Risk-Based Capital Standards, Working Paper, University of St. Gallen, Switzerland.
15. Eling, M., H. Schmeiser, and J. T. Schmit, 2007, The Solvency II Process: Overview and Critical Analysis, Risk Management and Insurance Review, 10 : 69 85.
16. European Parliament, 2005, Report on the Proposal for a Directive of the European Parliament and of the Council on Services in the Internal Market, Brussels, December 15.
17. Evans, A. M., 2007, The EU Reinsurance Directive, The Geneva Papers on Risk and Insurance - Issues and Practice, 32 : 95 104.
18. Freeman, P. K., 2004, Government Natural Catastrophe Insurance Programs, Presentation at the OECD Conference on Catastrophic Risks and Insurance, Paris, November.
19. Grace, M. F., and R. W. Klein, 2008, The Perfect Storm: Hurricanes, Insurance and Regulation, Presented at National Bureau of Economic Research, Cambridge, MA, May.
20. Grace, M. F., R. W. Klein, and R. D. Phillips, 2002, Managing the Cost of Property-Casualty Insurer Insolvencies, Report to the National Association of Insurance Commissioners, December.
21. Harrington, S. E., 2004a, Capital Adequacy in Insurance and Reinsurance, in : H. Scott, ed., Capital Adequacy Beyond Basel: Banking, Securities and Insurance (New York : Oxford University Press).
22. Harrington, S. E., 2004b, Market Discipline in Insurance and Reinsurance, in : C. Borio, ed., Market Discipline: The Evidence Across Countries and Industries (Cambridge, MA : MIT Press).
23. Harrington, S. E., and G. Niehaus, 2001, Government Insurance, Tax Policy, and the Affordability and Availability of Catastrophe Insurance, Journal of Insurance Regulation, 19/4 : 591 612.
24. Harrington, S. E., and G. Niehaus, 2003, Capital, Corporate Income Taxes, and Catastrophe Insurance, Journal of Financial Intermediation, 12 : 365 389.
25. Insurance Information Institute, 2008, Catastrophes: Insurance Issues (Washington, DC : Insurance Information Institute).
26. International Actuarial Association, 2004, A Global Framework for Insurer Solvency Assessment (Ottawa, Ontario : International Actuarial Association).
27. International Accounting Standards Board, 2007, Preliminary Views on Insurance Contracts, Discussion Paper, London.
28. Klein, R. W., 1995, Insurance Regulation in Transition, Journal of Risk and Insurance, 62 : 263 404.
29. Klein, R. W., 2005, A Regulator's Introduction to the Insurance Industry (Kansas City, MO : National Association of Insurance Commissioners).
30. Klein, R. W., 2007, Catastrophe Risk and the Regulation of Property Insurance Markets: A Comparative Analysis of Five States, Working Paper, Georgia State University.
31. Klein, R. W., and S. Wang, 2007, Catastrophe Risk Financing and Regulation, Working Paper, Georgia State University.
32. Lane, M. N., and R. G. Beckwith, 2007a, The 2007 Review of the Insurance Securitization Market, Trade Notes (Lane Financial LLC), April 20.
33. Lane, M. N., and R. G. Beckwith, 2007b, A Half-Term Report for 2007 Securitizations - The Search for Form Continues, Trade Notes (Lane Financial LLC), October 31.
34. Lee, S., D. Mayers, and C. W. Smith, Jr., 1997, Guaranty Funds and Risk-Taking: Evidence From the Insurance Industry, Journal of Financial Economics, 44 : 3 24. (Pubitemid 127166361)
35. National Association of Insurance Commissioners, 2006a, Proposal to Grant Credit for Ceded Reinsurance (Kansas City, MO October, 31.
36. National Association of Insurance Commissioners, 2006b, Conference Call Minutes of the Property RBC (E) Working Group (Kansas City, MO March 28.
37. Organisation for Economic Co-operation and Development, 2002, Insurance Solvency Supervision: Country Profiles (Paris, France : OECD).
38. Schubert, T., and G. GrieBmann, 2007, German Proposal for a Standard Approach to Solvency II, The Geneva Papers on Risk and Insurance - Issues and Practice, 32 : 133 150.
39. Trainar, P., 2006, The Challenge of Solvency Reform for European Insurers, The Geneva Papers on Risk and Insurance - Issues and Practice, 31 : 169 185.
40. U.S. Government Accountability Office, 2005, Catastrophe Risk: U.S. and European Approaches to Insure Natural Catastrophe and Terrorism Risks (Washington, DC : U.S. GAO).
41. Watkins, N. P., D. R. Chernick, D. Appel, and P. D. Anderson, 2007, Analysis of Florida Legislative Reform: Special Session, January 2007 (Brookfield, WI : Milliman).
42. Watson, R., 2007, ESF Talks With Regulators on Insurance Securitization, Securitization News (New York February 19.
43. World Bank, 2006, Hazards of Nature, Risks to Development (Washington, DC : World Bank).