Abstract
Natural hazards such as earthquakes and floods are a menace to the population worldwide. The United Nations focused attention on this global problem by declaring the 1990s the Decade of Natural Hazard Reduction. In addition to threatening human life, natural hazards can cause severe economic hardship locally and, in an ever more complex and interactive world economy, dislocations that are felt in areas far beyond the site of a disaster.Recent catastrophic earthquakes, hurricanes, floods, and fires have called into question the ability of private insurers to cover economic losses. Unlimited liability is a necessity for confidence in insurance coverage, but these events have stretched the resources of even the largest insurers.
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