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The Business of Avoiding Disasters.(Brief Article)
Paul R. Kleindorfer and Howard Kunreuther, "Managing Catastrophe Risk," in Regulation (No. 4, 2000), Cato Institute, 1000 Massachusetts Avenue N.W., Washington, D.C. 20001.
When major disasters occur, the government spends billions to rebuild destroyed neighborhoods. Simple preventive measures--known as "risk mitigation measures" or RMMs--could substantially reduce the damage caused by a fire, flood, or earthquake. A 1994 survey by the Insurance Institute for Property Loss Reduction, for example, reports that 62 percent of Florida homeowners whose properties were damaged by Hurricane Andrew had failed to protect their homes by installing laminated windows, roof bracing, or hurricane shutters.
The government, argues Kleindorfer and Kunreuther of the University of Pennsylvania's Wharton School, is partially to blame for this situation, since the state is eager to bail out homeowners who don't buy private insurance. But the insurance industry could provide additional incentives for homeowners who protect their properties.
Insurers don't normally offer discounts on premiums for property owners who spend money to protect their homes against major disasters. But Kleindorfer and Kunreuther argue it would be in an insurer's interest to do so. They have ...
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Source: HighBeam Research, The Business of Avoiding Disasters.(Brief Article)