[20080130]RS22756_《房主保护法》：概述.pdf

Order Code RS22756Updated January 30, 2008The Homeowners Defense Act: An Overview Rawle O. KingAnalyst in Financial Economics and Risk AssessmentGovernment and Finance DivisionSummaryIn the aftermath of Hurricane Katrina in 2005, the demand for homeownersinsurance in East and Gulf Coast states has outpaced supply, leaving policymakers andinsurance regulators struggling to find ways to assure the continued availability ofaffordable property insurance. While a consensus has yet to emerge, many insuranceanalysts would maintain that probable maximum losses (PML) associated with mega-catastrophes, above a 250-year expected return frequency, are beyond the globalinsurance and reinsurance industrys capital asset capacity. Insurers and policymakersare now pursuing alternative forms of risk transfer, such as securitization. While thesecuritized insurance risk market remains modest compared to traditional reinsurance,the number and value of catastrophe bond transactions increased dramatically after the2005 hurricane season. As one would expect with a relatively new market, insurer andinvestor preferences as to form and structure of insurance-linked securities (ILS)continue to evolve. Investo