The vast majority of homes and small commercial buildings that are insured against flood damage in the U.S. are covered by the Nat. Flood Insur. Program (NFIP). Although the flood insurance (FI) program had been largely self-sustaining in the past, it had to borrow $17 billion from the federal Treasury to pay claims after the catastrophic hurricanes of 2005. That borrowing has highlighted questions about the program¿s financial health, including the actuarial soundness of the premium rates charged on policies that are not explicitly subsidized and the cost of paying claims for properties that have suffered multiple flood losses. This report explains how NFIP sets ¿full-risk¿ premium rates for the FI program. Charts and tables.
Innovative, long-term strategies for reducing vulnerability to large-scale natural disasters and for providing financial support for disaster victims. The United States and other nations are facing large-scale risks at an accelerating rhythm. In 2005, three major hurricanes—Katrina, Rita, and Wilma—made landfall along the U.S. Gulf Coast within a six-week period. The damage caused by these storms led to insurance reimbursements and federal disaster relief of more than $180 billion—a record sum. Today we are more vulnerable to catastrophic losses because of the increasing concentration of population and activities in high-risk coastal regions of the country. The question is not whether but when, and how frequently, future catastrophes will strike and the extent of damages they will cause. Who should pay the costs associated with catastrophic losses suffered by homeowners in hazard-prone areas? In At War with the Weather, Howard Kunreuther and Erwann Michel-Kerjan with their colleagues deliver a groundbreaking analysis of how we currently mitigate, insure against, and finance recovery from natural disasters in the United States. They offer innovative, long-term solutions for reducing losses and providing financial support for disaster victims that define a coherent strategy to assure sustainable recovery from future large-scale disasters. The amount of data collected and analyzed and innovations proposed make this the most comprehensive book written on these critical issues in the past thirty years.
Based on the research that has been conducted at Wharton Risk Management Center over the past five years on catastrophic risk. Covers a hot topic in the light of recent terroristic activities and nature catastrophes. Develops risk management strategies for reducing and spreading the losses from future disasters. Provides glossary of definitions and terms used throughout the book.
The mathematical theory of non-life insurance developed much later than the theory of life insurance. The problems that occur in the former field are far more intricate for several reasons: 1. In the field oflife insurance, the company usually has to pay a claim on the policy only once: the insured dies or the policy matures only once. It is with only a few particular types of policy (for instance, sickness insurance, when the insured starts working again after a period of sickness) that a valid claim can be made on a number of different occasions. On the other hand, the general rule in non-life insurance is that the policyholder is liable to be the victim of several losses (in automobile insurance, of course, but also in burglary and fire insurance, householders' comprehensive insurance, and so on). 2. In the field of life insurance, the amount to be paid by the company excluding any bonuses-is determined at the inception of the policy. For the various types of life insurance contracts, the sum payable on death or at maturity of the policy is known in advance. In the field of non-life insurance, the amount of a loss is a random variable: the cost of an automobile crash, the partial or totalloss of a building as a result of fire, the number and nature of injuries, and so forth.
NOTE: NO FURTHER DISCOUNT FOR THIS PRINT PRODUCT -- OVERSTOCK SALE -- Signficantly reduced lsit price FEMA produced this series of 37 fact sheets to provide technical guidance and recommendations concerning the construction of coastal residential buildings. The fact sheets present information aimed at improving the performance of buildings subject to flood and wind forces in coastal environments. Photographs and drawings illustrate National Flood Insurance Program (NFIP) regulatory requirements, the proper siting of coastal buildings, and recommended design and construction practices for building components, including structural connections, the building envelope, and utilities. Many of the fact sheets also include lists of FEMA and other resources that provide more information about the topics discussed. Where appropriate, resources are accompanied by active web links. A list of the individual fact sheets that are contained inFEMA P-499, follows.Category 1 GeneralFact Sheet No. 1.1, Coastal Building Successes and FailuresFact Sheet No. 1.2, Summary of Coastal Construction Requirements and RecommendationsFact Sheet No. 1.3, Using a Flood Insurance Rate Map (FIRM)Fact Sheet No. 1.4, Lowest Floor ElevationFact Sheet No. 1.5, V-Zone Design and Construction CertificationFact Sheet No. 1.6, Designing for Flood Levels Above the BFEFact Sheet No. 1.7, Coastal Building MaterialsFact Sheet No. 1.8, Non-Traditional Building Materials and SystemsFact Sheet No. 1.9, Moisture Barrier Systems Category 2 Planning Fact Sheet No. 2.1, How Do Siting and Design Decisions Affect the Owner's Costs?Fact Sheet No. 2.2, Selecting a Lot and Siting the Building Category 3 Foundations Fact Sheet No. 3.1, Foundations in Coastal AreasFact Sheet No. 3.2, Pile InstallationFact Sheet No. 3.3, Wood-Pile-to-Beam ConnectionsFact Sheet No. 3.4, Reinforced Masonry Pier ConstructionFact Sheet No. 3.5, Foundation Walls Category 4 Load Paths Fact Sheet No. 4.1, Load PathsFact Sheet No. 4.2, Masonry DetailsFact Sheet No. 4.3, Use of Connectors and Brackets Category 5 Wall Systems Fact Sheet No. 5.1, HousewrapFact Sheet No. 5.2, Roof-to-Wall and Deck-to-Wall FlashingFact Sheet No. 5.3, Siding Installation in High-Wind RegionsFact Sheet No. 5.4, Attachment of Brick Veneer In High-Wind Regions Category 6 Openings Fact Sheet No. 6.1, Window and Door InstallationFact Sheet No. 6.2, Protection of Openings Shutters and Glazing Category 7 - Roofing Fact Sheet No. 7.1, Roof Sheathing InstallationFact Sheet No. 7.2, Roof Underlayment for Asphalt Shingle RoofsFact Sheet No. 7.3, Asphalt Shingle Roofing for High-Wind RegionsFact Sheet No. 7.4, Tile Roofing for High-Wind AreasFact Sheet No. 7.5, Minimizing Water Intrusion through Roof Vents in High-Wind RegionsFact Sheet No. 7.6, Metal Roof Systems in High-Wind Regions Category 8 Attachments Fact Sheet No. 8.1, Enclosures and Breakaway WallsFact Sheet No. 8.2, Decks, Pools, and Accessory StructuresFact Sheet No. 8.3, Protecting Utilities Category 9 Repairs Fact Sheet No. 9.1, Repairs, Remodeling, Additions, and Retrofitting FloodFact Sheet No. 9.2, Repairs, Remodeling, Additions, and Retrofitting Wind Category G Guide Fact Sheet No. G.1, Technical Fact Sheet GuideFact Sheet No. G.2, References and Resources"
