MARKET AND CONTRACT DESIGN FOR CATASTROPHIC LOSSES巨灾损失的市场与合约设计.pdfVIP

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MARKET AND CONTRACT DESIGN FOR CATASTROPHIC LOSSES巨灾损失的市场与合约设计.pdf

DRAFT for Columbia-Wharton Roundtable, April 12-13, 2002 MARKET AND CONTRACT DESIGN FOR CATASTROPHIC LOSSES Neil Doherty and Paul Kleindorfer Classical theory of insurance contracting The classical theory is depicted in the following boxes. It starts with a population who are risk averse but having endowed risk. Capital is allocated to insurers who are able to pool. By underwriting many policies and exploiting the law of large numbers, insurers can provide a low risk return on capital. A departure from the simple classi

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