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Natural Hazards Insurance in Europe ? Tailored Responses to Climate Change Needed

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Author Info

  • Reimund Schwarze

    ()

  • Gert G. Wagner

    ()

Abstract

This paper provides an overview on the existing systems of natural hazards insurance in Europe, their structural characteristics and peculiarities. It also discusses the difficulties of an adaptation of these systems to climate change and a growing number of natural disasters. Using the case of Germany as an example, the paper demonstrates that the obstacles facing system change are numerous, including failure to recognise the role of state guarantees in enabling private insurance markets, mistaken legal objections against mandatory insurance, distributional conflicts between central and state governments and re-election considerations by politicians. The adjustments to new weather conditions should reflect existing differences in the regional and national insurance systems in the EU. 'Change in diversity? is seen to offer the best chance to arrive at insurance systems which are prepared for climate change while being adapted to local particularities. Efforts to harmonise national and regional systems as well as top down EU initiatives are rejected in this paper.

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File URL: http://eeecon.uibk.ac.at/wopec2/repec/inn/wpaper/2009-06.pdf
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Bibliographic Info

Paper provided by Faculty of Economics and Statistics, University of Innsbruck in its series Working Papers with number 2009-06.

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Length: 26
Date of creation: Feb 2009
Date of revision:
Handle: RePEc:inn:wpaper:2009-06

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Keywords: Natural Hazards; Insurance; Climate Change; Europe; Germany;

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References

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  1. Paul Raschky & Hannelore Weck-Hannemann, 2007. "Charity hazard - A real hazard to natural disaster insurance," Working Papers, Faculty of Economics and Statistics, University of Innsbruck 2007-04, Faculty of Economics and Statistics, University of Innsbruck.
  2. Reimund Schwarze & Gert G. Wagner, 2006. "The Political Economy of Natural Disaster Insurance: Lessons from the Failure of a Proposed Compulsory Insurance Scheme in Germany," Discussion Papers of DIW Berlin 620, DIW Berlin, German Institute for Economic Research.
  3. Thomas Url & Franz Sinabell, 2008. "Flood Risk Exposure in Austria – Options for Bearing Risk Efficiently," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, Duncker & Humblot, Berlin, vol. 128(4), pages 593-614.
  4. Thomas A. Garrett & Russell S. Sobel, 2003. "The Political Economy of FEMA Disaster Payments," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 41(3), pages 496-509, July.
  5. Paul A. Raschky & Manijeh Schwindt & Reimund Schwarze & Hannelore Weck-Hannemann, 2008. "Risikotransfersysteme für Naturkatastrophen in Deutschland, Österreich und der Schweiz: ein theoretischer und empirischer Vergleich," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, DIW Berlin, German Institute for Economic Research, vol. 77(4), pages 53-68.
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Citations

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Cited by:
  1. E. Keskitalo & Gregor Vulturius & Peter Scholten, 2014. "Adaptation to climate change in the insurance sector: examples from the UK, Germany and the Netherlands," Natural Hazards, International Society for the Prevention and Mitigation of Natural Hazards, International Society for the Prevention and Mitigation of Natural Hazards, vol. 71(1), pages 315-334, March.
  2. Osberghaus, Daniel, 2013. "Prospect theory, mitigation and adaptation to climate change," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 13-091, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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