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Announcement of Opportunity

INVESTIGATION OF THE UNINSURED ELEMENTS OF CATASTROPHIC LOSSES

Funding is offered to support a desk study to consider the uninsured elements of catastrophic losses.

PURPOSE

To examine why a significant proportion of losses from recent natural catastrophic events in the US and Europe have been uninsured.

To identify those that ultimately suffered financial loss from the event - individuals, companies, local government, national government, insurance companies etc.

To identify any actions (e.g. risk reduction, risk transfer or loss mitigation) that could have been taken to reduce the loss to any party, explaining the failure to take action.

Investigate if as a result of subsequent Government action similar losses occurring now would fall upon differing parties.

Develop a methodology to apply to other territories/perils.

SCOPE

The study should compare losses to the same peril across a range of territories and also to different perils within the same territory. The following events are suggested. The major territories of interest are the United Kingdom, United States, Benelux and Germany.

• Mid-western floods 1995
• Northridge Earthquake
• Ice storms, New England/Canada 1997/8
• Hurricane Andrew
• European Floods December 1993 and January/February 1995
• UK Floods April 1998

• Domestic Property - buildings and contents
• Commercial Property - buildings, contents, stock
• Loss of Profits - Economic loss due to physical property damage and/or disruption of supply
• Motor - Commercial and Industrial

Tenders between £20,000 and £50,000 are invited, with delivery within 18 months of notification of the award of funding.