OVERVIEW OF THE ACTIVITIES OF INSURANCE COMPANIES IN NORTH AMERICA UNDER THE IMPACT OF CATASTROPHE LOSSES CAUSED BY CLIMATE CHANGE

Climate change has increased the severity and frequency of natural hazards, thus leading to catastrophe losses. There is a growing need to reduce adverse eff ects on international economies, property and health of people, which is why diff erent types of insurance protection are created to respond to climate change and its consequences.
The state aid in North America, combined with optional insurance provided by private insurance companies, is but one of the responses to these challenges. This model, however, has displayed certain weaknesses such as moral hazard, adverse selection and the lack of solidarity. Fortunately, this can be overcome by combining compulsory and private insurance, state aid and earmarked reserve funds into the creation of an insurance model - a comprehensive coverage of natural hazards - as the only model that meets the current needs for protection.

Key words: climate change, natural hazards, catastrophe losses, insurance, reinsurance, activities of insurers.