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Available Expert - Queen's expert discusses how recent natural disasters impact insurance risk management

Tuesday, September 12, 2017

Queen’s University expert Korey Pasch is available to comment on why it is important to understand the insurance and reinsurance markets after 1992’s Hurricane Andrew when discussing the impact of hurricanes like Irma or Harvey.

“The Florida state insurer of last resort Citizens Property Insurance Corporation, created in the aftermath of Andrew, has assisted in the proliferation of small-scale insurance companies handling the majority of risk in the state,” says Mr. Pasch.

“Hurricanes of this scale can be seen as an opportunity to shift more flood risk to private markets and away from public options in the US. As Irma dissipates its impact may be used as a form of leverage to push through reforms to programs like the National Flood Insurance Program (NFIP).”

Mr. Pasch is a PhD candidate in the Department of Political Studies at Queen’s University whose thesis research is focused on insurance-linked securities called “catastrophe bonds” (or ‘cat bonds’) – a financial mechanism first used in the wake of 1992’s Hurricane Andrew as a way for insurance companies to transfer certain risks to private investors.

He is interested in how financial markets are becoming increasingly integrated into the traditional insurance sector and what these changes could mean for the larger global political and economic realities of disaster management.

To arrange an interview, please contact communications officer Dave Rideout (613-533-6000 ext. 79648, 613.453.5676, or dave.rideout@queensu.ca) at Queen’s University News and Media Services Department in Kingston, Ont., Canada.

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