Search

An Examination of catastrophes, insurance guaranty funds

Recurso electrónico / Electronic resource
MARC record
Tag12Value
LDR  00000cab a2200000 4500
001  MAP20200022817
003  MAP
005  20200707143530.0
008  200707e20200401che|||p |0|||b|eng d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎214
1001 ‎$0‎MAPA20080027780‎$a‎Kelly, Mary
24513‎$a‎An Examination of catastrophes, insurance guaranty funds‎$c‎Mary Kelly, Anne Kleffner, Grant Kelly
520  ‎$a‎Many countries have formalised solvency insurance programmes that provide payments to policyholders of insolvent insurers. Like most insurance schemes, these programmes operate most effectively when failures are firm- specific. Using Canada as a case study, we examine the issue of using ex post guaranty fund assessments following a peak peril loss resulting in the simultaneous failure of multiple insurers. In this case, the guaranty fund assessment levied on surviving insurers is so large that it causes a contagion effect: several insurers fail because of the asessment, and the end result is the collapse of the entire industry. We conclude with a discussion of possible policy alternatives to address this issue, including increasing prudential requirements, changing the ex post funding mechanism, prefunding the guaranty fund for a peak peril loss , using the government as the insurer of large catastrophic losses, or developing public-private partnerships. We highlight both prudential and public policy implications of each of these alternatives and make recommendations for countries that face a large peak peril relative to the size of the private insurance industry.
650 4‎$0‎MAPA20080585334‎$a‎Fondos de garantía
650 4‎$0‎MAPA20080590567‎$a‎Empresas de seguros
650 4‎$0‎MAPA20080586294‎$a‎Mercado de seguros
650 4‎$0‎MAPA20080552701‎$a‎Solvencia
650 4‎$0‎MAPA20080591007‎$a‎Fondo de Catástrofe
651 1‎$0‎MAPA20080637712‎$a‎Canadá
7001 ‎$0‎MAPA20080197230‎$a‎Kleffner, Anne E.
7001 ‎$0‎MAPA20200015550‎$a‎Kelly, Grant
7730 ‎$w‎MAP20077100215‎$t‎Geneva papers on risk and insurance : issues and practice‎$d‎Geneva : The Geneva Association, 1976-‎$x‎1018-5895‎$g‎01/04/2020 Volumen 45 Número 2 - abril 2020 , p. 256-280