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- Publisher Website: 10.1057/gpp.2010.11
- Scopus: eid_2-s2.0-77954924618
- WOS: WOS:000280786100004
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Article: Governing ignorance: Emerging catastrophic risks-industry responses and policy frictions
Title | Governing ignorance: Emerging catastrophic risks-industry responses and policy frictions |
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Authors | |
Keywords | Emerging catastrophic risks New risks Pooling Precautionary principle Antitrust |
Issue Date | 2010 |
Publisher | Palgrave Macmillan Ltd. The Journal's web site is located at http://www.palgrave-journals.com/gpp |
Citation | Geneva Papers on Risk and Insurance: Issues and Practice, 2010, v. 35, n. 3, p. 391-415 How to Cite? |
Abstract | The growing interconnections between people, markets and networks together with the development of new technologies have increased the frequency and impact of large-scale disasters around the globe. Many of these events, defined as emerging catastrophic (or systemic) risks, have no previous record. At the same time there is a strong probability that their frequency and impact will increase in the future. This paper takes a governance perspective by assuming that policy actions should be designed to cope with ignorance and large-scale losses, being the primary features characterising such emerging catastrophic risks. Precisely, the governance activity should aim both at expanding the industries’ capacity to absorb losses and at acquiring more information about frequency and impact of such losses. However, it appears that some solutions may conflict with policy objectives. In particular, direct governmental interventions to compensate victims and stringent antitrust policy goals might block the development of a market for first-party property insurance for emerging systemic risks. This paper elicits crucial points that require further elaboration by policy-makers, thereby stressing the importance of providing a workable legal definition of such line of risk that embraces the precautionary principle. |
Persistent Identifier | http://hdl.handle.net/10722/265043 |
ISSN | 2023 Impact Factor: 2.0 2023 SCImago Journal Rankings: 0.530 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Castellano, Giuliano G. | - |
dc.date.accessioned | 2018-11-15T06:12:18Z | - |
dc.date.available | 2018-11-15T06:12:18Z | - |
dc.date.issued | 2010 | - |
dc.identifier.citation | Geneva Papers on Risk and Insurance: Issues and Practice, 2010, v. 35, n. 3, p. 391-415 | - |
dc.identifier.issn | 1018-5895 | - |
dc.identifier.uri | http://hdl.handle.net/10722/265043 | - |
dc.description.abstract | The growing interconnections between people, markets and networks together with the development of new technologies have increased the frequency and impact of large-scale disasters around the globe. Many of these events, defined as emerging catastrophic (or systemic) risks, have no previous record. At the same time there is a strong probability that their frequency and impact will increase in the future. This paper takes a governance perspective by assuming that policy actions should be designed to cope with ignorance and large-scale losses, being the primary features characterising such emerging catastrophic risks. Precisely, the governance activity should aim both at expanding the industries’ capacity to absorb losses and at acquiring more information about frequency and impact of such losses. However, it appears that some solutions may conflict with policy objectives. In particular, direct governmental interventions to compensate victims and stringent antitrust policy goals might block the development of a market for first-party property insurance for emerging systemic risks. This paper elicits crucial points that require further elaboration by policy-makers, thereby stressing the importance of providing a workable legal definition of such line of risk that embraces the precautionary principle. | - |
dc.publisher | Palgrave Macmillan Ltd. The Journal's web site is located at http://www.palgrave-journals.com/gpp | - |
dc.relation.ispartof | Geneva Papers on Risk and Insurance: Issues and Practice | - |
dc.subject | Emerging catastrophic risks | - |
dc.subject | New risks | - |
dc.subject | Pooling | - |
dc.subject | Precautionary principle | - |
dc.subject | Antitrust | - |
dc.title | Governing ignorance: Emerging catastrophic risks-industry responses and policy frictions | - |
dc.type | Article | - |
dc.description.nature | link_to_OA_fulltext | - |
dc.identifier.doi | 10.1057/gpp.2010.11 | - |
dc.identifier.scopus | eid_2-s2.0-77954924618 | - |
dc.identifier.volume | 35 | - |
dc.identifier.issue | 3 | - |
dc.identifier.spage | 391 | - |
dc.identifier.epage | 415 | - |
dc.identifier.isi | WOS:000280786100004 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.issnl | 1018-5895 | - |