¹President, Reinsurance Association of America, 1301 Pennsylvania Avenue, NW, Suite 900, Washington, USA

Abstract

While exposure in the United States to natural catastrophes has been widely documented, and the events of September 11 exposed the U.S. insurance industry to a truly unknown level of catastrophe, the role of government in financing catastrophes lacks a clear policy direction. Some of this failure can be attributed to the multiple levels of government that have addressed catastrophe exposure; yet the industry's own disagreements over the proper course of action can account for this as well. It is not for lack of effort on the part of both in trying to craft approaches over the last ten years, however.