Uncovered (Oxford, 2024) tells the story of the insurance business in America and its interaction with state and federal government.
Mounting property losses fueled by climate change threaten home affordability and economic security in a growing number of communities., as insurers raise rates and exit markets. Widespread fury at denials by health insurers contributed to the recent murder of a company executive. These events and others raise important questions about the place of the insurance industry in American society, and how private companies have come to be powerful gatekeepers that determine our access to security and protection. Far more than a business, insurance is a form of governance, precariously perched at the intersection of public and private life. The way in which a society makes insurance available is an expression of its deepest values regarding what is fair, how risks should be shared, and who matters. Uncovered tells the story of how the insurance industry developed and assumed its unique place in American life, and how its evolution has affected the way in which we navigate the many tradeoffs between security and risk.
“A valuable contribution to the history of insurance - and a useful guide for those who seek change in the future.”
“Told with compelling narrative and verve, Hempstead’s story illuminates the patchwork of insurance products and state-based regulation that leaves too many people uncovered.”
Praise for Uncovered
“A powerful and fascinating account of how state and federal regulators have struggled over the last 150 years to ensure that insurance products help consumers recover from their mishaps rather than make things worse.”
“A persistently interesting, invaluable contribution that doesn’t just illuminate the history of the private insurance business in the United States. It also puts the development of government regulation and social insurance into fresh perspective. ”
“Her book is essential reading for anyone interested in how the modern world of American insurance came to be.”