An Examination of catastrophes, insurance guaranty funds

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<dc:creator>Kelly, Mary</dc:creator>
<dc:creator>Kleffner, Anne E.</dc:creator>
<dc:creator>Kelly, Grant </dc:creator>
<dc:date>2020-04-01</dc:date>
<dc:description xml:lang="es">Sumario: 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.</dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/172343.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Fondos de garantía</dc:subject>
<dc:subject xml:lang="es">Empresas de seguros</dc:subject>
<dc:subject xml:lang="es">Mercado de seguros</dc:subject>
<dc:subject xml:lang="es">Solvencia</dc:subject>
<dc:subject xml:lang="es">Fondo de Catástrofe</dc:subject>
<dc:subject xml:lang="es">Canadá</dc:subject>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">An Examination of catastrophes, insurance guaranty funds</dc:title>
<dc:relation xml:lang="es">En: Geneva papers on risk and insurance : issues and practice. - Geneva : The Geneva Association, 1976- = ISSN 1018-5895. - 01/04/2020 Volumen 45 Número 2 - abril 2020 , p. 256-280</dc:relation>
<dc:coverage xml:lang="es">Canadá</dc:coverage>
</rdf:Description>
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