An Examination of catastrophes, insurance guaranty funds

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<namePart>Kelly, Mary</namePart>
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<namePart>Kleffner, Anne E.</namePart>
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<abstract displayLabel="Summary">Many 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.</abstract>
<note type="statement of responsibility">Mary Kelly, Anne Kleffner, Grant Kelly</note>
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<topic>Fondos de garantía</topic>
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<topic>Empresas de seguros</topic>
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<topic>Mercado de seguros</topic>
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<topic>Solvencia</topic>
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<topic>Fondo de Catástrofe</topic>
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<geographic>Canadá</geographic>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
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<text>01/04/2020 Volumen 45 Número 2 - abril 2020 , p. 256-280</text>
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