The Catastrophe Insurance Working Group of the National Association of Insurance Commissioners recently published a white paper on Catastrophe Risk Management for the U.S. Economy. The paper explores the impact of mega-catastrophes and the possible ways to address their challenges. For purposes of the white paper, a mega-catastrophe is an insured catastrophic event of a magnitude that would affect the ability of the U.S. insurance industry to carry on its everyday activities.
Interested parties were asked to provide written comments on the first draft and those comments were discussed at the Summer National Meeting. Various options debated included the combination of the perils while maintaining either separate accounts or separate attachment points for natural disaster perils and for acts of terrorism, as well as keeping the perils together.
The paper can be read online here.
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