A trend analysis of normalized insured damage from natural disasters
As the world becomes wealthier over time, inflation-adjusted insured damages from natural disasters go up as well. This article analyzes whether there is still a significant upward trend once insured natural disaster loss has been normalized. By scaling up loss from past disasters, normalization adjusts for the fact that a disaster of equal strength will typically cause more damage nowadays than in past years because of wealth accumulation over time. A trend analysis of normalized insured damage from natural disasters is not only of interest to the insurance industry, but can potentially be useful for attempts at detecting whether there has been an increase in the frequency and/or intensity of natural hazards, whether caused by natural climate variability or anthropogenic climate change. We analyze trends at the global level over the period 1990 to 2008, over the period 1980 to 2008 for Germany and 1973 to 2008 for the United States. We find no significant trends at the global level, but we detect statistically significant upward trends in normalized insured losses from all nongeophysical disasters as well as from certain specific disaster types in the United States and Germany.
(This abstract was borrowed from another version of this item.)
Volume (Year): 113 (2012)
Issue (Month): 2 (July)
|Contact details of provider:|| Web page: http://www.springer.com/economics/journal/10584|
|Order Information:||Web: http://link.springer.de/orders.htm|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Eric Neumayer & Fabian Barthel, 2010.
"Normalizing economic loss from natural disasters: a global analysis,"
GRI Working Papers
31, Grantham Research Institute on Climate Change and the Environment.
- Fabian Barthel & Eric Neumayer, 2010. "Normalizing economic loss from natural disasters: a global analysis," LSE Research Online Documents on Economics 37601, London School of Economics and Political Science, LSE Library.
- Eric Neumayer & Fabian Barthel, 2011. "Normalizing economic loss from natural disasters: a global analysis," LSE Research Online Documents on Economics 30785, London School of Economics and Political Science, LSE Library.
- Botzen, W.J.W. & Bouwer, L.M. & van den Bergh, J.C.J.M., 2010. "Climate change and hailstorm damage: Empirical evidence and implications for agriculture and insurance," Resource and Energy Economics, Elsevier, vol. 32(3), pages 341-362, August.
- Silvio Schmidt & Claudia Kemfert & Peter Höppe, 2008. "Tropical Cyclone Losses in the USA and the Impact of Climate Change: A Trend Analysis Based on a New Dataset," Discussion Papers of DIW Berlin 802, DIW Berlin, German Institute for Economic Research.
When requesting a correction, please mention this item's handle: RePEc:spr:climat:v:113:y:2012:i:2:p:215-237. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Christopher F Baum)
If references are entirely missing, you can add them using this form.