Catastrophe Insurance Risks: The Role of Risk-Linked Securities

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Testimony issued by the General Accounting Office with an abstract that begins "Because of population growth, resulting real estate development, and rising real estate values in hazard-prone areas, our nation is increasingly exposed to higher property casualty losses--both insured and uninsured--from natural catastrophes than in the past. In the 1990s, a series of natural disasters, including Hurricane Andrew and the Northridge earthquake, raised questions about the adequacy of the insurance industry's financial capacity to cover large catastrophes without limiting coverage or raising premiums. Recognizing this greater exposure and responding to concerns about insurance market capacity, participants in the insurance industry ... continued below

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United States. General Accounting Office. October 8, 2002.

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Description

Testimony issued by the General Accounting Office with an abstract that begins "Because of population growth, resulting real estate development, and rising real estate values in hazard-prone areas, our nation is increasingly exposed to higher property casualty losses--both insured and uninsured--from natural catastrophes than in the past. In the 1990s, a series of natural disasters, including Hurricane Andrew and the Northridge earthquake, raised questions about the adequacy of the insurance industry's financial capacity to cover large catastrophes without limiting coverage or raising premiums. Recognizing this greater exposure and responding to concerns about insurance market capacity, participants in the insurance industry and capital markets have developed new capital market instruments as an alternative to traditional property-casualty reinsurance, or insurance for insurers. GAO's objectives were to (1) describe catastrophe risk and how the insurance and capital markets provide coverage against such risks; (2) describe how risk-linked securities, particularly catastrophe bonds, are structured; and (3) analyze how key regulatory, accounting, tax, and investor issues might affect the use of risk-linked securities."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • October 8, 2002

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  • June 10, 2014, 6:42 a.m.

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United States. General Accounting Office. Catastrophe Insurance Risks: The Role of Risk-Linked Securities, text, October 8, 2002; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc289539/: accessed November 21, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.