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22 - Insuring Natural Catastrophes in America

from Part IV - Private Sector Initiatives to Promote Disaster Resilience and Recovery

Published online by Cambridge University Press:  27 October 2022

Susan S. Kuo
Affiliation:
University of South Carolina School of Law
John Travis Marshall
Affiliation:
Georgia State University College of Law
Ryan Rowberry
Affiliation:
Georgia State University College of Law
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Summary

This chapter addresses insuring natural catastrophes in America. It provides an overview of the existing lines of insurance for natural catastrophe losses, such as homeowners insurance, commercial property insurance (including business interruption insurance), the National Flood Insurance Program, and earthquake insurance (including the California Earthquake Authority). Currently, most natural catastrophe losses are uninsured in America as a result of consumer ignorance regarding risk and private insurers’ general treatment of natural catastrophes as uninsurable correlated risks. Consequently, this chapter also includes a discussion of ways more natural catastrophe losses could be insured in America by considering the ways other developed countries throughout the world insure natural catastrophe losses.

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The Cambridge Handbook of Disaster Law and Policy
Risk, Recovery, and Redevelopment
, pp. 366 - 377
Publisher: Cambridge University Press
Print publication year: 2022

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