IDEAS home Printed from https://ideas.repec.org/a/prg/jnlefa/v2013y2013i3id106.html
   My bibliography  Save this article

Uninsurable Risks of Floods, Deluges, Overflows and the System of Solution

Author

Listed:
  • Hana Bártová
  • Karel Hanzlík

Abstract

Uninsurable risks have significant impact on expenses of private and public sectors of economy. In spite of several commercial insurance products and high quality of insurance services current trend of insurance industry is set to define exceptions of insurance protection. The highest losses caused by realization of uninsurable risks in the Czech Republic are constituted by consequences of floods, deluges and overflows. Recent history of flood occurrence emphasizes insufficiency of prevention, protection and loss solution. Due to these risk factors we have focused our research on issues of uninsurable risks in conditions of the Czech insurance market. The system solution is based on fund approach to ensure commercial insurance protection. Multi-Source System Solution of Uninsurable Risks is purposed in the form of fund with participation of the state authority. Our solution depends on pool creation and primarily should cover enormous claims development. Assumption of fund profitability encourages insurer motivation to become a pool member. Important part of research represents calculation of gross premium. Assessment of input data and calculation of premium are based on real published data and conform to real market development in the Czech Republic. Calculations are also based on our estimations of risk development. This research highlights the importance of uninsurable risks solution. Effective instrument able to protect lives and property is an innovative commercial insurance product. Our commercial solution is a way to strengthen the role of insurance in a field of uninsurable risks. The system solution is designed to conditions of the Czech insurance market and takes into account special domestic factors. We suppose that our solution is possible to be adopted in conditions of any insurance market in case of relevant data and risk factors using.

Suggested Citation

  • Hana Bártová & Karel Hanzlík, 2013. "Uninsurable Risks of Floods, Deluges, Overflows and the System of Solution," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2013(3), pages 39-58.
    • Handle: RePEc:prg:jnlefa:v:2013:y:2013:i:3:id:106
    DOI: 10.18267/j.efaj.106
    as

    Download full text from publisher

    File URL: http://efaj.vse.cz/doi/10.18267/j.efaj.106.html
    Download Restriction: free of charge
    File URL: http://efaj.vse.cz/doi/10.18267/j.efaj.106.pdf
    Download Restriction: free of charge
    File URL: https://libkey.io/10.18267/j.efaj.106?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    Insurance pool; Flood; Flood fund; Gross premium; Uninsurable risk;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlefa:v:2013:y:2013:i:3:id:106. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.