By Howard C. Kunreuther
Cutting edge, long term ideas for decreasing vulnerability to large-scale common failures and for supplying monetary help for catastrophe sufferers.
Read or Download At War with the Weather: Managing Large-Scale Risks in a New Era of Catastrophes PDF
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Extra info for At War with the Weather: Managing Large-Scale Risks in a New Era of Catastrophes
Under a prior approval system, insurers must ﬁle and receive approval of their rates from regulators before they can be put into e¤ect. , a 10 percent change) are typically subject to a ﬁle and use or use and ﬁle requirement; rate changes that exceed the bounds are subject to prior approval. Prior approval systems are generally placed in the NCR category. Flex rating systems fall into a gray area, and their categorization can be a matter of choice that could depend on the tightness of their bounds and how they are implemented.
Department of Commerce, National Oceanic and Atmospheric Administration. Note: Named hurricanes are in capital letters. 15 Is a change in climate likely to a¤ect the number and severity of weather-related catastrophes? One of the expected e¤ects of global warming will be an increase in hurricane intensity. This has been predicted by theory and modeling and substantiated by empirical data on climate change. Higher ocean temperatures lead to an exponentially higher evaporation rate in the atmosphere, which increases the intensity of cyclones and precipitation.
Lenders can also inﬂuence buying decisions with loan covenants or by varying interest rates—actions that could be used to encourage investments in cost-e¤ective mitigation measures. Federal laws and regulations also are intended to compel or encourage lenders and their agents to require adequate property insurance coverage against all natural perils except earthquakes or other earth movement. State Governments State governments play a critical role in establishing building codes and ensuring these standards are e¤ectively implemented.