IDEAS home Printed from https://ideas.repec.org/a/pet/annals/v16y2016i1p83-94.html
   My bibliography  Save this article

Natural Disasters Effects’ Financing Through Insurance in Romania (2010-2015)

Author

Listed:
  • Dan-Constantin Dănulețiu

    (“1 Decembrie 1918” University of Alba Iulia, Romania)

  • Adina-Elena Dănulețiu

    (“1 Decembrie 1918” University of Alba Iulia, Romania)

Abstract

The article analyse the necessity and evolution of the natural disasters effects’ financing through insurance in Romania. There are emphasized the legislation changes that affected the compulsory and voluntary insurance mechanisms and the results of the implementation of the compulsory insurance for natural disasters system at the national level, but also at the regional level. On this analysis, the article concludes about the causes of the evolutions highlighted, suggesting that the frequent changes of legislation, the low level of financial education of a large part of population, the un-applying of fines by local authorities for the people not respecting the law are one of the most important causes.

Suggested Citation

  • Dan-Constantin Dănulețiu & Adina-Elena Dănulețiu, 2016. "Natural Disasters Effects’ Financing Through Insurance in Romania (2010-2015)," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 16(1), pages 83-94.
    • Handle: RePEc:pet:annals:v:16:y:2016:i:1:p:83-94
    as

    Download full text from publisher

    File URL: https://www.upet.ro/annals/economics/pdf/2016/part1/Danuletiu_Danuletiu.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. J. David Cummins & Olivier Mahul, 2009. "Catastrophe Risk Financing in Developing Countries : Principles for Public Intervention," World Bank Publications - Books, The World Bank Group, number 6289, December.
    2. Cristina CIUMAS & Ramona Alexandrina COCA, 2015. "An Analysis Of The Factors Influencing The Demand For Catastrophe Insurance," Journal of Public Administration, Finance and Law, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 0(Special i), pages 69-78, September.
    3. Marian-Lucian Achim, 2012. "Mathematical Methods Used for Calculate Insurance Premium to The Property Insurance," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 12(2), pages 14-20.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. N. Karagiannis & H. Assa & A. A. Pantelous & C. G. Turvey, 2016. "Modelling and pricing of catastrophe risk bonds with a temperature-based agricultural application," Quantitative Finance, Taylor & Francis Journals, vol. 16(12), pages 1949-1959, December.
    2. Susannah Fisher & Swenja Surminski, 2012. "The roles of public and private actors in the governance of adaptation: the case of agricultural insurance in India," GRI Working Papers 89, Grantham Research Institute on Climate Change and the Environment.
    3. World Bank, 2012. "Agricultural Risk Management in the Caribbean : Lessons and Experiences, 2009-2012," World Bank Publications - Reports 13242, The World Bank Group.
    4. Sommarat Chantarat & Krirk Pannangpetch & Nattapong Puttanapong & Preesan Rakwatin & Thanasin Tanompongphandh, 2015. "Index-Based Risk Financing and Development of Natural Disaster Insurance Programs in Developing Asian Countries," Risk, Governance and Society, in: Daniel P. Aldrich & Sothea Oum & Yasuyuki Sawada (ed.), Resilience and Recovery in Asian Disasters, edition 127, chapter 0, pages 171-200, Springer.
    5. Vatcharin Sirimaneetham, 2021. "Fiscal policy options to build forward better," MPDD Working Paper Series WP/21/07, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    6. Fuentes-Castro, Hugo Javier. & Reyna-Bernal, Ana María., 2014. "Comparando con las grandes. Retos para las aseguradoras en reducción de costos," Panorama Económico, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(19), pages 7-32, segundo s.
    7. Borensztein, Eduardo & Cavallo, Eduardo & Jeanne, Olivier, 2017. "The welfare gains from macro-insurance against natural disasters," Journal of Development Economics, Elsevier, vol. 124(C), pages 142-156.
    8. Swenja Surminski & Paul Hudson & Jeroen Aerts & Wouter Botzen & M.Conceição Colaço & Florence Crick & Jill Eldridge & Anna Lorant & António Macedo & Reinhard Mechler & Carlos Neto & Robin Nicolai & Di, 2015. "Novel and improved insurance instruments for risk reduction," GRI Working Papers 188, Grantham Research Institute on Climate Change and the Environment.
    9. International Monetary Fund, 2016. "Eastern Caribbean Currency Union: 2016 Discussion on Common Policies of Member Countries-Press Release and Staff Report," IMF Staff Country Reports 2016/333, International Monetary Fund.
    10. Lam, Juan Carlos & Adey, Bryan T. & Heitzler, Magnus & Hackl, Jürgen & Gehl, Pierre & van Erp, Noel & D'Ayala, Dina & van Gelder, Pieter & Hurni, Lorenz, 2018. "Stress tests for a road network using fragility functions and functional capacity loss functions," Reliability Engineering and System Safety, Elsevier, vol. 173(C), pages 78-93.
    11. Vondolia, Godwin K. & Navrud, Ståle, 2019. "Are non-monetary payment modes more uncertain for stated preference elicitation in developing countries?," Journal of choice modelling, Elsevier, vol. 30(C), pages 73-87.
    12. Swenja Surminski & Delioma Oramas-Dorta, 2013. "Do flood insurance schemes in developing countries provide incentives to reduce physical risks?," GRI Working Papers 119, Grantham Research Institute on Climate Change and the Environment.
    13. Benjamin L. Collier, 2020. "Strengthening Local Credit Markets Through Lender‐Level Index Insurance," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 87(2), pages 319-349, June.
    14. Ural Mert, 2016. "Risk management for sustainable tourism," European Journal of Tourism, Hospitality and Recreation, Sciendo, vol. 7(1), pages 63-71, May.
    15. Chun Ping Chang & Aziz N Berdiev, 2013. "Natural Disasters, Political Risk and Insurance Market Development," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 38(3), pages 406-448, July.
    16. Michael R. CARTER & Alain de JANVRY & Elisabeth SADOULET & Alexandros SARRIS, 2014. "Index-based weather insurance for developing countries: A review of evidence and a set of propositions for up-scaling," Working Papers P111, FERDI.
    17. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.
    18. Razmig Keucheyan, 2018. "Insuring Climate Change: New Risks and the Financialization of Nature," Development and Change, International Institute of Social Studies, vol. 49(2), pages 484-501, March.
    19. Poontirakul, Porntida & Brown, Charlotte & Noy, Ilan & Seville, Erica & Vargo, John, 2016. "The role of commercial insurance in post-disaster recovery: Quantitative evidence from the 2011 Christchurch earthquake," Working Paper Series 19396, Victoria University of Wellington, School of Economics and Finance.

    More about this item

    Keywords

    disasters; risk; insurance; compulsory; voluntary;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pet:annals:v:16:y:2016:i:1:p:83-94. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Imola Driga (email available below). General contact details of provider: http://www.upet.ro/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.