fbpx
Wikipedia

Climate risk insurance

January 01, 1970

Climate risk insurance is a type of insurance designed to mitigate the financial and other risk associated with climate change, especially phenomena like extreme weather.[1][2] [3] The insurance is often treated as a type of insurance needed for improving the climate resilience of poor and developing communities.[4][5][6] It provides post-disaster liquidity for relief and reconstruction measures while also preparing for the future measures in order to reduce climate change vulnerability. Insurance is considered an important climate change adaptation measure.

Flooded building in Si Phan Don, Laos, September 2019

Critics of the insurance, say that such insurance places the bulk of the economic burden on communities responsible for the least amount of carbon emissions.[5] For low-income countries, these insurance programmes can be expensive due to the high start-up costs and infrastructure requirements for the data collection.[7] It is theorised that high-premiums in high risk areas experiencing increased climate threats, would discourage settlement in those areas.[1] These programmes are also usually timely and financially inadequate, which could be an uncertainty to national budgets.[7] A considerable problem on a micro-level is that weather-related disasters usually affect whole regions or communities at the same time, resulting in a large number of claims simultaneously.[8] This means that it is needed to be sold on a very large, diversified scale.[8] However a well-designed climate risk insurance can act as a safety net for countries while improving resilience.[6][9]

The international community invested in developing further support for this kind of insurance through the InsuResilience Global Partnership launched at COP23.[5] That group, supports regional programs such as Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) and international organizations like the Munich Climate Insurance Initiative.[5] The ACT Alliance published a guidebook for equitable and climate justice oriented model for climate risk insurance in 2020.[10]

Types of climate risk insurance edit

Flood insurance edit

The rising climate change related risks, such as sea level rise, floods and windstorms, threaten the livability and affordability of the impacted areas.[11] This is why one of the more widely used forms of climate risk insurance is flood insurance, which provides coverage against loss caused by flooding.[11]

References edit

  1. ^ a b "7 things you need to know about climate risk insurance - Institute for Environment and Human Security". ehs.unu.edu. Retrieved 2020-11-08.
  2. ^ Kousky, Carolyn (5 October 2019). "The Role of Natural Disaster Insurance in Recovery and Risk Reduction". Annual Review of Resource Economics. 11 (1): 399–418. doi:10.1146/annurev-resource-100518-094028. ISSN 1941-1340. S2CID 159178389.
  3. ^ Hermann, Alexandra; Koferl, Peter; Mairhofer, Jan Phillip (September 2016). Climate Risk Insurance: New Approaches and Schemes (PDF). Allianz.
  4. ^ MAKING CLIMATE RISK INSURANCE WORK FOR THE MOST VULNERABLE: SEVEN GUIDING PRINCIPLES (PDF) (Report). MUNICH CLIMATE INSURANCE INITIATIVE. 2016.
  5. ^ a b c d Welle (www.dw.com), Deutsche. "Climate risk: Insuring against the inevitable | DW | 07.12.2018". DW.COM. Retrieved 2020-11-08.
  6. ^ a b Surminski, Swenja; Bouwer, Laurens M.; Linnerooth-Bayer, Joanne (April 2016). "How insurance can support climate resilience". Nature Climate Change. 6 (4): 333–334. Bibcode:2016NatCC...6..333S. doi:10.1038/nclimate2979. ISSN 1758-6798.
  7. ^ a b Warner, Koko. Innovative Insurance Solutions for Climate Change How to integrate climate risk insurance into a comprehensive climate risk management approach. OCLC 950715797.
  8. ^ a b Hermann, Alexandra (September 2016). "Climate Risk Insurance: New Approaches and Schemes" (PDF). (PDF) from the original on 2020-11-13.
  9. ^ Kreft, Soenke (November 2017). "Climate Risk Insurance for Resilience: Assessing Countries' Implementation Plans" (PDF). (PDF) from the original on 2019-12-20.
  10. ^ "Climate Risk Insurance and Risk Financing in the Context of Climate Justice - A Manual for Development and Humanitarian Aid Practitioners - World". ReliefWeb. 6 November 2020. Retrieved 2020-11-08.
  11. ^ a b Cremades, R.; Surminski, S.; Máñez Costa, M.; Hudson, P.; Shrivastava, P.; Gascoigne, J. (January 2018). "Using the adaptive cycle in climate-risk insurance to design resilient futures". Nature Climate Change. 8 (1): 4–7. Bibcode:2018NatCC...8....4C. doi:10.1038/s41558-017-0044-2. ISSN 1758-6798. S2CID 90343311.


 

This article about climate change is a stub. You can help Wikipedia by expanding it.

See guidelines for writing about climate change. Further suggestions might be found on the article's talk page.

January 01, 1970
climate, risk, insurance, type, insurance, designed, mitigate, financial, other, risk, associated, with, climate, change, especially, phenomena, like, extreme, weather, insurance, often, treated, type, insurance, needed, improving, climate, resilience, poor, d. Climate risk insurance is a type of insurance designed to mitigate the financial and other risk associated with climate change especially phenomena like extreme weather 1 2 3 The insurance is often treated as a type of insurance needed for improving the climate resilience of poor and developing communities 4 5 6 It provides post disaster liquidity for relief and reconstruction measures while also preparing for the future measures in order to reduce climate change vulnerability Insurance is considered an important climate change adaptation measure Flooded building in Si Phan Don Laos September 2019 Critics of the insurance say that such insurance places the bulk of the economic burden on communities responsible for the least amount of carbon emissions 5 For low income countries these insurance programmes can be expensive due to the high start up costs and infrastructure requirements for the data collection 7 It is theorised that high premiums in high risk areas experiencing increased climate threats would discourage settlement in those areas 1 These programmes are also usually timely and financially inadequate which could be an uncertainty to national budgets 7 A considerable problem on a micro level is that weather related disasters usually affect whole regions or communities at the same time resulting in a large number of claims simultaneously 8 This means that it is needed to be sold on a very large diversified scale 8 However a well designed climate risk insurance can act as a safety net for countries while improving resilience 6 9 The international community invested in developing further support for this kind of insurance through the InsuResilience Global Partnership launched at COP23 5 That group supports regional programs such as Climate Risk Adaptation and Insurance in the Caribbean CRAIC and international organizations like the Munich Climate Insurance Initiative 5 The ACT Alliance published a guidebook for equitable and climate justice oriented model for climate risk insurance in 2020 10 Types of climate risk insurance editFlood insurance edit The rising climate change related risks such as sea level rise floods and windstorms threaten the livability and affordability of the impacted areas 11 This is why one of the more widely used forms of climate risk insurance is flood insurance which provides coverage against loss caused by flooding 11 References edit a b 7 things you need to know about climate risk insurance Institute for Environment and Human Security ehs unu edu Retrieved 2020 11 08 Kousky Carolyn 5 October 2019 The Role of Natural Disaster Insurance in Recovery and Risk Reduction Annual Review of Resource Economics 11 1 399 418 doi 10 1146 annurev resource 100518 094028 ISSN 1941 1340 S2CID 159178389 Hermann Alexandra Koferl Peter Mairhofer Jan Phillip September 2016 Climate Risk Insurance New Approaches and Schemes PDF Allianz MAKING CLIMATE RISK INSURANCE WORK FOR THE MOST VULNERABLE SEVEN GUIDING PRINCIPLES PDF Report MUNICH CLIMATE INSURANCE INITIATIVE 2016 a b c d Welle www dw com Deutsche Climate risk Insuring against the inevitable DW 07 12 2018 DW COM Retrieved 2020 11 08 a b Surminski Swenja Bouwer Laurens M Linnerooth Bayer Joanne April 2016 How insurance can support climate resilience Nature Climate Change 6 4 333 334 Bibcode 2016NatCC 6 333S doi 10 1038 nclimate2979 ISSN 1758 6798 a b Warner Koko Innovative Insurance Solutions for Climate Change How to integrate climate risk insurance into a comprehensive climate risk management approach OCLC 950715797 a b Hermann Alexandra September 2016 Climate Risk Insurance New Approaches and Schemes PDF Archived PDF from the original on 2020 11 13 Kreft Soenke November 2017 Climate Risk Insurance for Resilience Assessing Countries Implementation Plans PDF Archived PDF from the original on 2019 12 20 Climate Risk Insurance and Risk Financing in the Context of Climate Justice A Manual for Development and Humanitarian Aid Practitioners World ReliefWeb 6 November 2020 Retrieved 2020 11 08 a b Cremades R Surminski S Manez Costa M Hudson P Shrivastava P Gascoigne J January 2018 Using the adaptive cycle in climate risk insurance to design resilient futures Nature Climate Change 8 1 4 7 Bibcode 2018NatCC 8 4C doi 10 1038 s41558 017 0044 2 ISSN 1758 6798 S2CID 90343311 nbsp This article about climate change is a stub You can help Wikipedia by expanding it See guidelines for writing about climate change Further suggestions might be found on the article s talk page vte Retrieved from https en wikipedia org w index php title Climate risk insurance amp oldid 1217048881, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.