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Risikotransfersysteme für Naturkatastrophen in Deutschland, Österreich und der Schweiz: ein theoretischer und empirischer Vergleich


  • Paul A. Raschky
  • Manijeh Schwindt
  • Reimund Schwarze
  • Hannelore Weck-Hannemann


This paper compares alternative risk transfer mechanisms (insurance solutions) in three countries, which were affected by the flood event in August 2005, namely Germany, Austria and Switzerland. The comparison focuses on the ability of the institutional solutions to dampen economic shocks caused by natural hazard events. First, idealized types of obligatory insurance systems are evaluated by their liability to the economic problems of adverse selection, moral hazard, charity hazard and transaction costs. The results suggest that an obligatory insurance system with integrated prevention is able to overcome these problems the best. Second, a comparison of risk transfer mechanisms used in Germany, Austria and Switzerland shows that the Swiss system is capable to solve losses by acting comprehensive, fast and efficient. Diese Arbeit analysiert, inwieweit die unterschiedlichen Risikotransfersysteme dreier vom Augusthochwasser 2005 betroffener Länder, Deutschland (reine Marktlösung mit ergänzender staatlicher Notfallhilfe), Österreich (steuerfinanzierter Katastrophenfonds mit ergänzenden Marktangeboten) und Schweiz (Pflichtversicherung mit integrierter Prävention), geeignet sind, volkswirtschaftliche Störimpulse durch Naturereignisse zu reduzieren. Eine Gegenüberstellung von Idealtypen der Versicherungspflicht lässt den Schluss zu, dass Pflichtversicherungen eine relativ geringe Anfälligkeit für die versicherungsökonomischen Probleme der Negativauslese, des Moral- und des Charity Hazards sowie geringere Transaktionskosten aufweisen. Darüber hinaus deutet ein realtypischer Vergleich der drei Risikotransfersysteme anhand von ausgewählten Kennzahlen auf eine höhere Fähigkeit des Schweizer Pflichtversicherungssystems hin, Hochwasserschäden umfassend, schnell und effizient zu beheben.

Suggested Citation

  • 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, vol. 77(4), pages 53-68.
  • Handle: RePEc:diw:diwvjh:77-4-4

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    References listed on IDEAS

    1. Browne, Mark J & Hoyt, Robert E, 2000. "The Demand for Flood Insurance: Empirical Evidence," Journal of Risk and Uncertainty, Springer, vol. 20(3), pages 291-306, May.
    2. Thomas A. Garrett & Russell S. Sobel, 2003. "The Political Economy of FEMA Disaster Payments," Economic Inquiry, Western Economic Association International, vol. 41(3), pages 496-509, July.
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    Cited by:

    1. Reimund Schwarze & Gert G. Wagner, 2009. "Natural Hazards Insurance in Europe ? Tailored Responses to Climate Change Needed," Working Papers 2009-06, Faculty of Economics and Statistics, University of Innsbruck.

    More about this item


    Naturgefahren; Elementarschadenversicherung; staatlicher Risikoausgleich; Versicherungsobligatorium;

    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


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