Towards an "International Insurance Fund": A Tool for Migration of Extra-Hazard Risks

In this paper, the establishment of a new insurance organization, the International Insurance Fund (IIF), is proposed. This organization should undertake to deal with extra-hazard risks which are beyond the capacity" of both the commercial insurance industry and national governments. It is proposed that the IIF be designed along the basic lines of the International Monetary Fund (IMF) and its sister organizations. The hypothetical scope of the IIF operations during recent years is illustrated. Certain practical aspects of its actual operations are discussed; some of them call for further examination. Key words: Major catastrophes, "International Insurance Fund", Organization and Management. The author gratefully acknowledges helpful comments given to him by Dr. Baruch Berliner, of Switzerland. This paper was supported by the M. W. Erhard Center for Higher Studies and Research in Insurance.