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Private arrangements to cover large-scale liabilities caused by nuclear and other industrial catastrophes
Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Social Sciences.ORCID iD: 0000-0002-7996-6136
2000 (English)In: Geneva papers on risk and insurance. Issues and practice, ISSN 1018-5895, E-ISSN 1468-0440, Vol. 25, no 2, p. 180-95Article in journal (Refereed) Published
Abstract [en]

Nuclear and other industrial activities create rare likelihoods for very large catastrophes. Available insurance, intra-industry pooling of risk and the net worth of those who cause the risk, provide an inadequate coverage for compensation of third-party damage. In OECD countries, the top layer of damage compensation after such catastrophes is regularly transferred, explicitly or implicitly, to governments. This constitutes a subsidy of the risk-creating industries. For a variety of reasons, traditional insurers are unwilling to assume full liability for the potentially colossal damage of industrial catastrophes. Such risks could be offloaded to the immensely larger capital market through the issue of catastrophe bonds. This would obviate the need for public subsidy, and provide a means for market pricing of the risks, but considerable needs for public intervention would nevertheless remain.

Place, publisher, year, edition, pages
2000. Vol. 25, no 2, p. 180-95
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:ltu:diva-10104DOI: 10.1111/1468-0440.00058Local ID: 8d99e4c0-82fe-11dd-8d17-000ea68e967bOAI: oai:DiVA.org:ltu-10104DiVA, id: diva2:983044
Note
Validerad; 2000; 20080915 (andbra)Available from: 2016-09-29 Created: 2016-09-29 Last updated: 2018-06-04Bibliographically approved

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Radetzki, Marian

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