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At War with the Weather: Managing Large-Scale Risks in a New Era of Catastrophes

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Author Info

  • Howard C. Kunreuther

    (Wharton School, University of Pennsylvania)

  • Erwann O. Michel-Kerjan

    ()
    (Wharton School, University of Pennsylvania)

Abstract

The United States and other nations are facing large-scale risks at an accelerating pace. In 2005, three major hurricanes—Katrina, Rita, and Wilma—made landfall along the U.S. Gulf Coast within an eight-week period. The damage caused by these storms led to insurance reimbursements and federal disaster relief of more than $180 billion—a record sum. Today we are more vulnerable to catastrophic losses because of the increasing concentration of population and activities in high-risk coastal regions of the country. The question is not whether but when future catastrophes will strike. Who should pay the costs associated with catastrophic losses suffered by homeowners in hazard-prone areas? In At War with the Weather, Howard Kunreuther and Erwann Michel-Kerjan and their colleagues deliver a groundbreaking analysis of how we currently mitigate, insure against, and finance recovery from natural disasters in the United States. They offer innovative, long-term solutions for reducing losses and providing financial support for disaster victims that define a coherent strategy to assure sustainable recovery from future large-scale disasters. The amount of data collected and analyzed and innovations proposed make this the most comprehensive book written on these critical issues in the past thirty years.

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Bibliographic Info

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This book is provided by The MIT Press in its series MIT Press Books with number 0262012820 and published in 2009.

Volume: 1
Edition: 1
ISBN: 0-262-01282-0
Handle: RePEc:mtp:titles:0262012820

Contact details of provider:
Web page: http://mitpress.mit.edu

Related research

Keywords: natural disasters; hurricanes;

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Citations

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Cited by:
  1. Paul A. Raschky & Reimund Schwarze & Manijeh Schwindt & Ferdinand Zahn, 2010. "Uncertainty of Governmental Relief and the Crowding out of Insurance," Development Research Unit Working Paper Series 05-10, Monash University, Department of Economics.
  2. Paul Raschky & Reimund Schwarze & Manijeh Schwindt & Ferdinand Zahn, 2013. "Uncertainty of Governmental Relief and the Crowding out of Flood Insurance," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 54(2), pages 179-200, February.
  3. Martimort, David & Straub, Stéphane, 2012. "How to Design Infrastructure Contracts in a Warming World? A Critical Appraisal of Public-Private Partnerships," TSE Working Papers 12-315, Toulouse School of Economics (TSE).
  4. Leo Dobes, 2012. "Adaptation to Climate Change: Formulating Policy under Uncertainty," CCEP Working Papers 1201, Centre for Climate Economics & Policy, Crawford School of Public Policy, The Australian National University.
  5. Melanie Gall & Kevin A. Borden & Christopher T. Emrich & Susan L. Cutter, 2011. "The Unsustainable Trend of Natural Hazard Losses in the United States," Sustainability, MDPI, Open Access Journal, vol. 3(11), pages 2157-2181, November.
  6. Iris Grossmann & M. Morgan, 2011. "Tropical cyclones, climate change, and scientific uncertainty: what do we know, what does it mean, and what should be done?," Climatic Change, Springer, vol. 108(3), pages 543-579, October.
  7. W. Botzen & J. Aerts & J. Bergh, 2013. "Individual preferences for reducing flood risk to near zero through elevation," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 18(2), pages 229-244, February.
  8. Goetz von Peter & Sebastian von Dahlen & Sweta C Saxena, 2012. "Unmitigated disasters? New evidence on the macroeconomic cost of natural catastrophes," BIS Working Papers 394, Bank for International Settlements.
  9. Haitao Yin, 2013. "Insurance Approach for Financing Extreme Climate Event Losses in China: A Status Analysis," EEPSEA Research Report rr2013035, Economy and Environment Program for Southeast Asia (EEPSEA), revised Mar 2013.
  10. Botzen, W.J.W. & van den Bergh, J.C.J.M., 2012. "Risk attitudes to low-probability climate change risks: WTP for flood insurance," Journal of Economic Behavior & Organization, Elsevier, vol. 82(1), pages 151-166.
  11. Oliver Walker & Simon Dietz, 2012. "Ambiguity and insurance: robust capital requirements and premiums," Grantham Research Institute on Climate Change and the Environment Working Papers 97, Grantham Research Institute on Climate Change and the Environment.
  12. Erwann O. Michel-Kerjan, 2010. "Catastrophe Economics: The National Flood Insurance Program," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 165-86, Fall.
  13. Howard Kunreuther & Erwann Michel-Kerjan & Nicola Ranger, 2013. "Insuring future climate catastrophes," Climatic Change, Springer, vol. 118(2), pages 339-354, May.
  14. Kousky, Carolyn & Kunreuther, Howard C., 2009. "Improving Flood Insurance and Flood Risk Management: Insights from St. Louis, Missouri," Discussion Papers dp-09-07, Resources For the Future.
  15. Sebastian von Dahlen & Goetz von Peter, 2012. "Natural catastrohpes and global reinsurance - exploring the linkages," BIS Quarterly Review, Bank for International Settlements, December.
  16. David Martimort & Stéphane Straub, 2011. "How to Design Public-Private Partnerships in a Warming World? - When Infrastructure Becomes a Really “Hot” Topic," Working Papers 2011/25, Maastricht School of Management.
  17. Roy Brouwer & Marije Schaafsma, 2013. "Modelling risk adaptation and mitigation behaviour under different climate change scenarios," Climatic Change, Springer, vol. 117(1), pages 11-29, March.

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