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Climate Change, Extreme Events and the Canadian Insurance Industry

Author

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  • Rodney White
  • David Etkin

Abstract

At the same time that a scientific consensus has arisen that the world will most likely experience a changing climate in the near future, with more frequent extreme events of some weather hazards, the insurance industry, worldwide, has been hit with rapidly escalating costs from weather-related disasters. This conjunction of scientific belief and economic impact has raised the questions as to (1) whether more frequent extreme events have contributed to the rising insurance costs and (2) how will future climate change affect the industry? Based upon historical data, it is difficult to support the hypothesis that the recent run of disasters both world-wide and in Canada are caused by climate change; more likely other factors such as increased wealth, urbanization, and population migration to vulnerable areas are of significance. It seems likely, though, that in the future some extreme events such as convective storms (causing heavy downpours, hail and tornadoes), drought and heat waves will result in increased costs to the industry, should the climate change as anticipated. Copyright Kluwer Academic Publishers 1997

Suggested Citation

  • Rodney White & David Etkin, 1997. "Climate Change, Extreme Events and the Canadian Insurance Industry," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 16(2), pages 135-163, November.
    • Handle: RePEc:spr:nathaz:v:16:y:1997:i:2:p:135-163
    DOI: 10.1023/A:1007934511961
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    Citations

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    Cited by:

    1. Le Kentang, 2000. "An Analysis of the Recent Severe Storm Surge Disaster Events in China," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 21(2), pages 215-223, May.
    2. Annegret H. Thieken & Theresia Petrow & Heidi Kreibich & Bruno Merz, 2006. "Insurability and Mitigation of Flood Losses in Private Households in Germany," Risk Analysis, John Wiley & Sons, vol. 26(2), pages 383-395, April.
    3. Praveen Thakur & Sreyasi Maiti & Nanette Kingma & V. Hari Prasad & S. Aggarwal & Ashutosh Bhardwaj, 2012. "Estimation of structural vulnerability for flooding using geospatial tools in the rural area of Orissa, India," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 61(2), pages 501-520, March.
    4. Gordon McBean, 2004. "Climate Change and Extreme Weather: A Basis for Action," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 31(1), pages 177-190, January.
    5. W. Botzen & J. Bergh & L. Bouwer, 2010. "Climate change and increased risk for the insurance sector: a global perspective and an assessment for the Netherlands," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 52(3), pages 577-598, March.

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