The article argues that recent executive overreach and politicization have severely undermined established norms of U.S. civil-military relations. To restore professional standards, the incoming Congress must actively exercise its oversight powers, moving beyond mere criticism to demanding transparency in defense policy and personnel decisions. Key reforms include enforcing meritocratic promotion processes, requiring documented justification for senior officer removals, and preventing the partisan use of the military. These actions are crucial for bolstering public trust and ensuring the military remains a nonpartisan instrument of civilian control.
Pricing climate risk: Hurricane models and home insurance over the last two decades
English Summary
The study finds that the sharp increase in homeowners insurance premiums in hurricane-prone areas is not solely attributable to worsening climate risk, as premiums have risen significantly faster than expected hurricane losses. The primary driver is the escalating cost of financing 'tail risk'—the financial burden of rare, catastrophic events—which is passed through via rising global reinsurance prices. Policy implications suggest that while suppressing premiums is short-sighted, cost reduction can be achieved through structural reforms. Recommended strategies include encouraging greater participation from well-diversified national insurers and implementing policies that expand the supply or lower the cost of reinsurance to stabilize the market.
中文摘要
本研究發現，颶風多發地區房主保險費的急劇上漲，並非單純歸因於氣候風險的惡化，因為保費的增長速度已顯著超過預期的颶風損失。主要的驅動因素是「尾部風險」（即罕見、災難性事件的財務負擔）的成本不斷攀升，而此成本正透過全球再保險價格的上漲轉嫁給保戶。政策意涵指出，雖然壓抑保費是短視的做法，但仍可透過結構性改革實現成本降低。建議的策略包括鼓勵更多多元化的國內保險公司參與，並實施擴大再保險供應或降低再保險成本的政策，以穩定市場。
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