banking services chronicle pdf

banking services chronicle pdf 

banking services chronicle pdf Published this article page no  Contrary to popular belief the epicenter of the strongest earthquake to ever strike the continental U.S. was not in California but in Missouri. It was so powerful that it changed the course of the Mississippi River. Twenty states including Hawaii and every state that borders the Atlantic Ocean and Gulf of Mexico face the threat of hurricanes every year. As the population of the U.S. has swelled so has the risk of Americans facing a catastrophe whether its a tornado hurricane flood or earthquake. Home values have also increased in areas prone to natural disasters and many of those homeowners have their net worth tied up in their homes. This puts their biggest financial asset at risk. Hurricanes Katrina and Rita revealed America is not as prepared for natural disasters as it should be. While we cant stop them from occurring we can do a better job preparing and protecting America from their consequences. National coalitions such as Pro tectingAmerica.org comprised of emergency management officials first responders disaster relief experts insurers and others are advocating ideas that would help prepare Americans to deal with the consequences of natural disasters before they occur. One solution is the creation of privately funded government- sponsored catastrophe funds. These funds would accumulate money in advance of catastrophes and would be funded by a portion of the insurance premiums collected by private insurers. At the state level the funds could cover restoration from local disasters. At the federal level there could be a catastrophe fund that covers losses that cant be covered by one state. Money would not be accessed until needed and would grow tax-free to help pay for future losses. Besides catastrophe funds other solutions could include strengthening first responders improving building codes and sensible land use policies. While a better solution is still in the works there are some things you can do now to prepare for catastrophes &#8226 Become familiar with your communitys disaster preparedness plan and develop a plan for your family. banking services chronicle reasoning book subscribe now