Financial Management of Large-Scale Catastrophes
Dramatic events, such as the earthquake that struck China’s Sichuan Province in 2008 and the devastation caused by Hurricane Katrina in the United States in 2005, have brought the financial management of catastrophic risks once again to the forefront of the public policy agenda globally. To address these issues and develop sound policies, the OECD has established an International Network on the Financial Management of Large-Scale Catastrophes. This publication supports the ongoing activities of the Network.
This book contains three reports focusing on different institutional approaches to the financial management of large-scale catastrophes in selected OECD and non-OECD countries, the role of risk mitigation and insurance in reducing the impact of natural disasters, and the importance of strategic leadership in the management of non-conventional crises.
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Risk Perception And Choice In Homeowners Adoption Of Mitigation Measures
The Need For Long-Term Contracts
This chapter discusses how risk perception affects people and firms in their decisions as to whether or not to invest in protective measures. It also discusses the importance of social norms and interdependencies on their decision processes. Given the reluctance of individuals to invest in costeffective mitigation voluntarily there is a need to develop innovative strategies that involve public-private sector partnerships. Well-enforced building codes coupled with long-term insurance contracts and mitigation loans are important in this regard.
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