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Insuring California earthquakes and the role for catastrophe bonds
Penalva, José
Universitat Pompeu Fabra. Departament d'Economia i Empresa
The 1994 Northridge earthquake sent ripples to insurance conpanieseverywhere. This was one in a series of natural disasters such asHurricane Andrew which together with the problems in Lloyd's of Londonhave insurance companies running for cover. This paper presents a calibration of the U.S. economy in a model with financial markets forinsurance derivatives that suggests the U.S. economy can deal with thedamage of natural catastrophe far better than one might think.
2005-09-15
Finance and Accounting
catastrophe bonds
eartquake insurance
calibration
survival analysis
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http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Working Paper
         

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