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Extra resources for Catastrophic Risks And Insurance (Policy Issues in Insurance)
Sample text
INSURANCE OF ATMOSPHERIC PERILS – CHALLENGES AHEAD it is irrelevant for the insurer whether a warehouse is located in Florida or in California. In natural hazards insurance however, the location of the insured object becomes a vital consideration: whilst hurricanes represent a major threat in Florida during the summer months, the population of California – though spared this particular hazard – faces the risk of highly destructive earthquakes. 1). It is impossible to arrive at a reliable estimation of average and extreme loss burdens on the basis of a few years’ data.
Under the new bill, the overall US insurance industry retention level will continue to increase year on year, reaching US$20bn in 2007. Many insurers in various markets are now providing increased capacity for terrorism risks within their general property covers, although coverage remains much more restricted than pre-WTC. The market for stand alone terrorism cover, which was pioneered by Lloyd’s and a few large US and Bermudian insurers, has become cheaper as more capacity and competition has entered the market.
A similar accident in Cali (Colombia) in 1956 left over 2,000 dead. x An explosion on 21 September 2001 in the ammonium nitrate store of a fertilizer factory operated by the TotalFinaElf Group in Toulouse resulted in 100,000 claims, 27,000 damaged homes and 10,000 bodily injury losses, including 4,800 occupational accidents and 30 deaths. The overall loss, most of it insured, came to more than ¼EQ ([DFWO\ years earlier, on 21 September 1921, a similar ammonium nitrate explosion at a BASF plant caused the biggest civil accident in German industrial history – 561 dead and 1,952 injured, with windows apparently being shattered as much as 90 km away in Frankfurt.