Catastrophe Insurance Market in the Caribbean Region : Market Failures and Recommendations for Public Sector Interventions

Auffret, Philippe

World Bank, Washington, DC

关键词: CATASTROPHIC PHENOMENA;    INSURANCE PREMIUMS;    INSURANCE CASUALTY;    RISK MANAGEMENT;    MARKET FAILURE;   

DOI  :  10.1596/1813-9450-2963
RP-ID  :  WPS2963

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The Caribbean region suffers from a highdegree of economic volatility. A history of repeatedexternal and domestic shocks has made economic insecurity amajor concern across the region. Of particular concern toall households, especially the poorest segments of thepopulation, is the exposure to shocks that are generated bycatastrophic events or natural disasters. The authordevelops a conceptual framework for risk management andshows that the insurance market for catastrophic risk in theCaribbean region remains a "thin" marketcharacterized by "high" prices and "low"transfer of risk. He analyzes the possible market failureswhich could explain the lack of development of thecatastrophe insurance market. Finally he outlines a set ofrecommendations for public sector interventions.