Corporate Demand for Insurance: An Empirical Analysis of the U.S. Market for Catastrophe and Non-Catastrophe Risks

We thank George Akerlof, Neil Doherty, Marty Feldstein, Ken Froot, Martin Grace, Scott Harrington, Robert Klein, Greg Nini, William Nordhaus, Jesse Shapiro, Terri Vaughan and seminar participants at the AEA annual meeting, NBER Insurance Group, NBER Economics of National Security Group, University of Pennsylvania„ and the OECD for their comments and insightful discussions on an earlier version of this paper. We are indebted to John Rand at Marsh & McLennan for many fruitful discussions and for sharing with us the data that were used for our analysis. Financial support from the Wharton Risk Management and Decision Processes Center is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.