2004 Fiscal Year Final Research Report Summary

Catastrophe Losses, ART (alternative risk transfer) and Consumers' Interests in Insurance Industry : An International Comparison

Research Project

Project/Area Number	13572024
Research Category	Grant-in-Aid for Scientific Research (B)
Allocation Type	Single-year Grants
Section	海外学術
Research Field	Commerce
Research Institution	Ryukoku University
Principal Investigator	IGUCHI Tomio Ryukoku University, Economics, Professor, 経済学部, 教授 (70113115)
Co-Investigator(Kenkyū-buntansha)	SHRESDHA Manoju L. Konan University, Business Administration, Professor, 経営学部, 教授 (90248097)
Project Period (FY)	2001 – 2004
Keywords	ART / Risk management / Finite / Catastrophe / Risk Financing / Derivatives / リスク・ファイナンシング
Research Abstract	A trend towards higher catastrophe losses has emerged since mid 1980s. Property insurers had to bear losses of US$ 18.5 billion by catastrophes in 2003. Natural catastrophes accounted for the lion's share of this amount, namely US$ 16.2 billion. Non-life insurers have emerged from the recent soft market facing a different environment, challenging the limits of insurability. The purpose of this study was to investigate the future of insurance industry, attracting considerable attention catastrophe losses and ART (alternative risk transfer). The following seven points were in effect. 1 Risk and Consumers' Conduct 2 Risk Increasing and ART 3 Catastrophes and ART 4 Finite Risk Reinsurance 5 Effects of Climate Change on Insured Losses 6 ART and Interest of Consumers 7 Insurance Distribution Systems