Comparing earthquake insurance programmes

How would Japan and California have fared after the 2010-11 earthquakes in New Zealand

Datos Bibliográficos

ID3897939
AutoresCuong Nhu Nguyen (Data Analyst, Ministry of Business Innovation and Employment New Zealand), Cuong Nguyen (0000-0001-9234-9960, Ministry of Business, Innovation and Employment), Ilan Noy (0000-0003-3214-6568, Chair in the Economics of Disasters School of Economics and Finance, Victoria University of Wellington New Zealand, autor de correspondencia)
Año2020
Volumen44
Número2
Páginas367-389
Fecha de publicación2020-04-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaDisasters (JOURNAL)
Identificadores de la revistaISSN: 0361-3666 • E-ISSN: 1467-7717
EditorialWiley (PUBLISHER • GB)
DOI10.1111/disa.12371
PMID31232483
OpenAlexW2986772615
IdiomaEN
Citas recibidas7
Referencias citadas18

Earthquakes are insured in high-risk high-income countries only if the public sector is involved. Prototypical examples are the insurance schemes in California (United States), Japan, and New Zealand, but each is structured differently. This paper examines these variations using a concrete case study: the sequence of earthquakes in Christchurch, New Zealand, in 2010-11-the most heavily insured seismic event in history. It assesses what would have been the outcome had the Christchurch insurance system been different, focusing on the California Earthquake Authority (CEA) programme and Japan Earthquake Reinsurance (JER). Overall, the aggregate cost of the earthquake to the New Zealand public insurer (Earthquake Commission) was USD 6.2 billion. If a similar-sized disaster had occurred in Japan and California, homeowners would have received around USD 1.6 billion and USD 0.7 billion, respectively. This paper describes the distributive and spatial patterns of these scenarios and discusses some key policy questions that emerge from this comparison

Actuarial science · Business · Commission · Earthquake casualty estimation · Geography · Medical emergency · Poison control · Seismic hazard · Seismology · Urban seismic risk · Disaster Management and Resilience · Insurance and Financial Risk Management · Insurance, Mortality, Demography, Risk Management · Medicine · Finance · Geology