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The Resource Tax Deductions for Catastrophic Risk Insurance Reserves: Explanation and Economic Analysis

Tax Deductions for Catastrophic Risk Insurance Reserves: Explanation and Economic Analysis

Contributor
Summary
The devastation caused by Hurricane Katrina which struck along the Gulf of Mexico and Atlantic coast on August 29, 2005, highlights the fact that the United States continues to be subject to natural hazard risks, primarily weather-related risks such as hurricanes and windstorms, but also seismic risk (earthquakes, tsunami, volcanic eruptions) and flood hazard risks. Such natural disaster risks result in deaths, property damage, and economic dislocation. Federal outlays for disaster victims have been increasing, and the frequency of weather-related natural disasters is generally perceived to be rising. The combination of economic dislocation from natural disasters and high federal and private costs has generated interest in Congress and elsewhere in proposals designed to change the way individuals and communities evaluate and protect themselves against the risk of natural disasters (i.e., financing risk with insurance). Given the increasing concentration of insured property values and sophisticated computer models that suggest an increased frequency of hurricanes and high probable maximum losses (PML) from catastrophic earthquakes, respectively, there has been some sense of urgency in Congress, state legislatures and the private sector to address the nation's financial exposure to catastrophic risks. One widely-discussed proposal would change the tax treatment of catastrophic risk insurance by permitting firms to establish tax-deductible reserve funds for catastrophes
Language
eng
Work
Instance
Label
Tax Deductions for Catastrophic Risk Insurance Reserves: Explanation and Economic Analysis
Title
Tax Deductions for Catastrophic Risk Insurance Reserves: Explanation and Economic Analysis
Contributor
Subject
Language
eng
Summary
The devastation caused by Hurricane Katrina which struck along the Gulf of Mexico and Atlantic coast on August 29, 2005, highlights the fact that the United States continues to be subject to natural hazard risks, primarily weather-related risks such as hurricanes and windstorms, but also seismic risk (earthquakes, tsunami, volcanic eruptions) and flood hazard risks. Such natural disaster risks result in deaths, property damage, and economic dislocation. Federal outlays for disaster victims have been increasing, and the frequency of weather-related natural disasters is generally perceived to be rising. The combination of economic dislocation from natural disasters and high federal and private costs has generated interest in Congress and elsewhere in proposals designed to change the way individuals and communities evaluate and protect themselves against the risk of natural disasters (i.e., financing risk with insurance). Given the increasing concentration of insured property values and sophisticated computer models that suggest an increased frequency of hurricanes and high probable maximum losses (PML) from catastrophic earthquakes, respectively, there has been some sense of urgency in Congress, state legislatures and the private sector to address the nation's financial exposure to catastrophic risks. One widely-discussed proposal would change the tax treatment of catastrophic risk insurance by permitting firms to establish tax-deductible reserve funds for catastrophes
Cataloging source
DTICE
Index
no index present
Literary form
non fiction
http://library.link/vocab/relatedWorkOrContributorName
  • Brumbaugh, David L
  • King, Rawle O
  • LIBRARY OF CONGRESS WASHINGTON DC CONGRESSIONAL RESEARCH SERVICE
http://library.link/vocab/subjectName
  • Economic analysis
  • Insurance
  • Taxes
  • Natural disasters
  • Computerized simulation
  • Risk
  • Damage
  • Catastrophic conditions
  • Communities
  • Coastal regions
  • Meteorology
  • Operations Research
  • Economics and Cost Analysis
Label
Tax Deductions for Catastrophic Risk Insurance Reserves: Explanation and Economic Analysis
Instantiates
Publication
Note
CRS Report for Congress
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Extent
18 pages
Form of item
online
Governing access note
APPROVED FOR PUBLIC RELEASE
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Note
Hein Online
System control number
  • (OCoLC)227931242
  • (OCoLC)ocn227931242
Label
Tax Deductions for Catastrophic Risk Insurance Reserves: Explanation and Economic Analysis
Publication
Note
CRS Report for Congress
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Extent
18 pages
Form of item
online
Governing access note
APPROVED FOR PUBLIC RELEASE
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Note
Hein Online
System control number
  • (OCoLC)227931242
  • (OCoLC)ocn227931242

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