Financing Adaptation to Climate-Induced Retreat from Coastal Inundation and Erosion
Climate projections suggest increased inundation and erosion of beachfront property on the east coast of Australia over the coming century. Protective measures and accommodation to the effects of flooding offer initial lines of defence, but managed retreat will ultimately be required for some property owners. Current and disaster management frameworks offer little policy guidance on who should pay for retreat, or how. Ordinary insurance, catastrophe insurance, group risk insurance, catastrophe bonds and reverse mortgages offer potential solutions, but are ultimately flawed. This paper examines an innovative proposal in the form of mortgage contingent loans which could minimise government involvement, and therefore the risk to taxpayers.
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Research Department Publications
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- Eduardo Cavallo & Ilan Noy, 2009. "The Economics of Natural Disasters - A Survey," Working Papers 200919, University of Hawaii at Manoa, Department of Economics.
- Paul Raschky & Hannelore Weck-Hannemann, 2007. "Charity hazard - A real hazard to natural disaster insurance," Working Papers 2007-04, Faculty of Economics and Statistics, University of Innsbruck.
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