Read e-book online Climate Change and Insurance: Disaster Risk Financing in PDF

By Eugene N. Gurenko

ISBN-10: 1844074838

ISBN-13: 9781844074839

Weather swap brings a couple of new set of significant fiscal dangers coming up from altering climate styles, severe climate occasions and emerging sea degrees. these such a lot in danger are constructing nations, who, regardless of enormous post-disaster donor reduction, were bearing the main brunt of disaster-related losses. One model answer that's swiftly gaining aid of nations and overseas donors is a hazard move to the worldwide reinsurance and capital markets. This quantity, a different factor of the magazine weather coverage, explores the position that insurance-based mechanisms can play in aiding those nations to organize for weather switch. It deals a different and complete point of view at the capability function of assurance options in international edition to weather switch.

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Additional info for Climate Change and Insurance: Disaster Risk Financing in Developing Countries

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The alternatives to insurance for many in the developing world include arrangements that involve reciprocal exchange, such as kinship ties and community self-help. Despite their limitations, Cohen and Sebstad (2003) claim that these risk-sharing arrangements work reasonably well for less severe and idiosyncratic shocks. However, they are inadequate and inappropriate for catastrophes that affect people throughout a region or country. Without reciprocal support or outside aid, disasters can lead to a ‘cycle of poverty’, as victims take out high-interest loans (or default on existing loans), sell assets and livestock, or engage in low-risk, low-yield farming to lessen their exposure to extreme events (Siegel, 2005).

Pmd Climate Policy 6 (2006) 621–636 623 6/5/2007, 10:19 AM 624 Joanne Linnerooth-Bayer, Reinhard Mechler sea-level rise. The pool would compensate developing countries (i) in situations where selecting the least climate sensitive development option involves incurring additional expense and (ii) where insurance is not available for damage resulting from climate change (Intergovernmental Negotiating Committee, 1991). Mandatory contributions to the fund would be made to an administrating authority, which would also be responsible for handling claims made against the resources of the fund.

The TCIP would not have been possible without recent advances in catastrophe modelling. , 1999; Boyle, 2002; Clark, 2002). pmd Climate Policy 6 (2006) 621–636 629 6/5/2007, 10:19 AM 630 Joanne Linnerooth-Bayer, Reinhard Mechler prevention measures they can be useful beyond the pricing of insurance contracts. This is the case in Turkey, where local universities have worked together with government in assessing risks and drawing up a blueprint for prevention. While the TCIP has received criticism about its imposition of mandatory policies, its somewhat weak link to risk reduction, and complications concerning illegal dwellings in Istanbul, this pioneering effort sets an important precedent as the first operational nation-wide disaster insurance system in a developing country.

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Climate Change and Insurance: Disaster Risk Financing in Developing Countries by Eugene N. Gurenko

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