Catastrophe insurance is a type of insurance that helps protect individuals or businesses from huge financial losses caused by major disasters or catastrophic events, such as natural disasters (like earthquakes or hurricanes) or terrorist attacks. It offers coverage for damages or losses that go beyond what regular insurance policies typically cover.
Full definition
There are various types
of catastrophe insurance available to cover different types of natural disasters as well as major damage caused by terrorism.
Special catastrophe insurance is available for specific natural disasters such as flood insurance, storm insurance for hurricanes and tornadoes, earthquake insurance and volcano insurance.
The rewards in each market tended to vary with investors» moods, but those
in catastrophe insurance were just incredibly volatile.
Wang, Zifa and Lin, Tun and Walker, George (2009): Earthquake Risk and Earthquake
Catastrophe Insurance for the People's Republic of China.
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A local independent agent in the Trusted Choice network, right in your area, can help you assess your property risks and find the
right catastrophe insurance to protect your investment in your home and property.
If you are a renter, consider buying renters insurance to cover your personal belongings, and any
additional catastrophe insurance you may need if you live in an area prone to certain hazards that are not covered by your renters policy.
The cost of
catastrophe insurance varies as there are a number of variables that impact premiums, including the types of risks you face, the type of structure you live in and how much coverage you want.
Former Irdai chairman J Hari Narayan had
cited catastrophe insurance (and pool formation) as one of the unfinished agendas of his tenure.
You may wish to look into comprehensive or
catastrophe insurance quotes for your vehicles, boats or Virginia business, to protect yourself from additional losses due to flood damage.
Healy writes, «We also continue to recommend the use of those stocks as «
catastrophe insurance».
I shutter at the mention of «
catastrophe insurance» and wonder how much worse things can get for the world economy.
You will recall that in
our catastrophe insurance business, we are always ready to trade increased volatility in reported earnings in the short run for greater gains in net worth in the long run.
(I was a small part of trying to eliminate such triggers in property -
catastrophe insurance.)
They provide some diversification and
catastrophe insurance, and if bought at the right price can give great returns.
According to
the catastrophe insurance provider ICAT, even if Sandy's damage fulfills worst - case estimates, she would also not make the top 10 list of costliest hurricanes.
The coverage you will get from
your catastrophe insurance depends on the coverage type, the area in which you live, and what your insurance company covers.
If you have been a victim of a major weather storm like hurricane Sandy, a forest fire, a flood or an earthquake, you have a pretty good idea of why homeowners, landlords and renters may need
catastrophe insurance.