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The Research on the Government-led Management of Catastrophic Risk

Author: ZhangJian
Tutor: SunRong
School: Southwestern University of Finance and Economics
Course: Insurance
Keywords: catastrophic risk Reinsurance Catastrophe financial derivative products Market failure Government intervention
CLC: F842.6
Type: Master's thesis
Year: 2008
Downloads: 162
Quote: 2
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Abstract


Catastrophes are infrequent events that cause severe loss, injury or property damage to a large population of exposures. Catastrophe has the characteristics of low probability, high loss, being difficult to predict and high correlation among exposures. Catastrophes have huge negative impacts on a country’s employment, debts, balance-of payments and exchange rate, etc, and the negative impacts can be seen as loss in terms of GDP change. The impacts of catastrophe to different countries are not the same, because the vulnerability of the different countries are different, that is, the sizes of the economies, the economic diversifications and the management of the catastrophic risks are different.China now practices a central government-led catastrophe risk management model depending on support of government financing. As a result, a complete catastrophe insurance system is left to be established and the role of insurance in catastrophe risk management has not been fully exploited. We should draw from other countries’ experiences in this respect, installing a compulsory catastrophe insurance policy, setting up a catastrophe insurance fund, and adopting commercial reinsurance and government reinsurance arrangements. The ultimate goal is to achieve an organic combination of the market mechanism and government function to realize a win-win result of both social benefits and corporate benefits.The market failure of catastrophic insurance market necessitates the government intervention, and the expansion of the definition of insurability to the whole economy, including public sector, supports the intervention theoretically. The government has the advantages over the private market in solving the problems of adverse selections, moral hazards, etc. And the second reason for government to intervene the catastrophic insurance market is the time diversification of catastrophic risks.

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CLC: > Economic > Fiscal, monetary > Insurance > China's insurance industry > Various types of insurance
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