Michel-Kerjan, Erwann

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Now showing 1 - 2 of 2
  • Publication
    Options Facing Congress in Renewing the Terrorism Risk Insurance Act
    (2014-07-01) Kunreuther, Howard; Michel-Kerjan, Erwann
    The Terrorism Risk Insurance Act (TRIA) is set to expire at the end of 2014 and is currently under debate in Congress. Renewing TRIA may limit the amount of disaster relief the federal government would contribute after a terrorist attack, but the different options under which TRIA might be renewed carry implications for how losses from any attack would be spread between commercial policyholders, insurers, and taxpayers.
  • Publication
    Implementing the National Flood Insurance Reform Act in a New Era of Catastrophes
    (2013-10-01) Kunreuther, Howard; Michel-Kerjan, Erwann
    The United States has entered a new era of catastrophes, of which floods have been the most devastating. Through its 2012 reform (Biggert-Waters Act), the 45-year old federally-run National Flood Insurance Program has an opportunity to highlight the role that risk-based premiums can play in encouraging individuals to undertake loss reduction measures. But the implementation of this reform is now being challenged due to concerns that residents cannot afford risk-based premiums. The authors of this brief propose that this can be overcome by successfully combining risk-based pricing, required insurance, means-tested insurance vouchers, and mitigation loans, so that individuals reduce their flood risk and are financially protected against future disaster losses, thus reducing the need for taxpayer money for disaster relief in the future.