Comparative Studies on the Similarities and Diversities of the Legislations Regarding Earthquake Insurance in Asia—Examples of Japan,New Zealand and Taiwan

• 作者: Wei-Chun Cheng
• 来源期刊: 美中法律评论:英文版
• 学科: 地球科学
• 关键词: INSURANCE earthquake insurance catastrophic risk CATASTROPHE catastrophic insurance disaster relief
• 年，卷（期）: mzflplywb_2020,（6）
• 页码范围: 225-239
• 页数: 15页
• 分类号: P31

摘要

Earthquakes are one of the most threatening natural catastrophic risks for many Asian countries.The pecuniary losses from natural disasters,particularly earthquake,are much larger in advanced economies due to the accumulation and concentration of valuable capital,and the potential losses are much higher than in low income countries.As one of the most commonly utilized risk financing mechanism,the insurance industry is playing a critical role in post-disaster financing of the countries affected.Surprisingly,earthquake insurance penetration,in fact,is still quite low,even in some industrialized countries with high seismic risk.This is because the low-probability/high-consequence nature of catastrophic risk,like earthquake damages,poses difficult challenges for property owners,insurers,and reinsurers.This paper argues that,with some sort of government intervention,catastrophic risk results from an earthquake can be insurable and affordable.This paper will also analyze obstacles facing the successful creation of a compulsory earthquake insurance system while advocating its essentiality.