IDEAS home Printed from https://ideas.repec.org/p/mtu/wpaper/18_09.html
   My bibliography  Save this paper

Public insurance and climate change (part one): Past trends in weather-related insurance in New Zealand

Author

Listed:
  • David Fleming

    () (Motu Economic and Public Policy Research)

  • Ilan Noy

    () (Victoria University of Wellington)

  • Jacob Pastor-Paz

    () (Victoria University of Wellington)

  • Sally Owen

    () (Motu Economic and Public Policy Research)

Abstract

Climate change appears to be increasing the frequency and magnitude of extreme weather events, negatively affecting communities as well as posing long-term sustainability challenges to insurance (risk transfer) mechanisms. New Zealand’s public natural hazard insurer, the Earthquake Commission (EQC), covers homeowners for damage to land (and in some cases to dwellings and contents) caused by landslip, storm or flood. We comprehensively explore the EQC claims data to investigate these weather-related claims from 2000-2017. We find no clear upward trend yet emerging in the number of claims or their value. We find that the northern regions of both islands are the source of most claims, that only a handful of weather events caused a large proportion of EQC’s weather-related pay-outs, that the average property lodging a weather-related claim is located twice as close to the coast as the national average, and that properties with claims usually are cited on much steeper land than the typical property in New Zealand. We also explore their relation between claims and socio-economic characteristics, finding that higher income neighbourhoods appear to be those most benefiting from the EQC coverage for weather events.

Suggested Citation

  • David Fleming & Ilan Noy & Jacob Pastor-Paz & Sally Owen, 2018. "Public insurance and climate change (part one): Past trends in weather-related insurance in New Zealand," Working Papers 18_09, Motu Economic and Public Policy Research.
  • Handle: RePEc:mtu:wpaper:18_09
    as

    Download full text from publisher

    File URL: http://motu-www.motu.org.nz/wpapers/18_09.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Ludo Waltman & Michael Schreiber, 2013. "On the calculation of percentile-based bibliometric indicators," Journal of the Association for Information Science & Technology, Association for Information Science & Technology, vol. 64(2), pages 372-379, February.
    2. Aksnes, Dag W. & Schneider, Jesper W. & Gunnarsson, Magnus, 2012. "Ranking national research systems by citation indicators. A comparative analysis using whole and fractionalised counting methods," Journal of Informetrics, Elsevier, vol. 6(1), pages 36-43.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Buckle, Robert A., 2018. "A quarter of a century of fiscal responsibility: The origins and evolution of fiscal policy governance and institutional arrangements in New Zealand, 1994 to 2018," Working Paper Series 7693, Victoria University of Wellington, Chair in Public Finance.
    2. Sally Owen & Ilan Noy & Jacob Pástor-Paz & David Fleming, 2019. "EQC and extreme weather events (part 2): Measuring the impact of insurance on New Zealand landslip, storm and flood recovery using nightlights," Working Papers 19_19, Motu Economic and Public Policy Research.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Thelwall, Mike, 2016. "The precision of the arithmetic mean, geometric mean and percentiles for citation data: An experimental simulation modelling approach," Journal of Informetrics, Elsevier, vol. 10(1), pages 110-123.
    2. Fairclough, Ruth & Thelwall, Mike, 2015. "More precise methods for national research citation impact comparisons," Journal of Informetrics, Elsevier, vol. 9(4), pages 895-906.
    3. Jens Peter Andersen & Martin Bøgsted & Karen Dybkær & Ulf-Henrik Mellqvist & Gareth J Morgan & Hartmut Goldschmidt & Meletios A Dimopoulos & Hermann Einsele & Jesús San Miguel & Antonio Palumbo & Piet, 2015. "Global Myeloma Research Clusters, Output, and Citations: A Bibliometric Mapping and Clustering Analysis," PLOS ONE, Public Library of Science, vol. 10(1), pages 1-15, January.
    4. Waltman, Ludo & van Eck, Nees Jan, 2015. "Field-normalized citation impact indicators and the choice of an appropriate counting method," Journal of Informetrics, Elsevier, vol. 9(4), pages 872-894.
    5. Cimini, Giulio & Zaccaria, Andrea & Gabrielli, Andrea, 2016. "Investigating the interplay between fundamentals of national research systems: Performance, investments and international collaborations," Journal of Informetrics, Elsevier, vol. 10(1), pages 200-211.
    6. Waltman, Ludo, 2016. "A review of the literature on citation impact indicators," Journal of Informetrics, Elsevier, vol. 10(2), pages 365-391.
    7. Torger Möller & Marion Schmidt & Stefan Hornbostel, 2016. "Assessing the effects of the German Excellence Initiative with bibliometric methods," Scientometrics, Springer;Akadémiai Kiadó, vol. 109(3), pages 2217-2239, December.
    8. Yin, Zhifeng & Liang, Zheng & Zhi, Qiang, 2018. "Does the concentration of scientific research funding in institutions promote knowledge output?," Journal of Informetrics, Elsevier, vol. 12(4), pages 1146-1159.
    9. Catherine Pitt & Catherine Goodman & Kara Hanson, 2016. "Economic Evaluation in Global Perspective: A Bibliometric Analysis of the Recent Literature," Health Economics, John Wiley & Sons, Ltd., vol. 25(S1), pages 9-28, February.
    10. Juan A Crespo & Ignacio Ortuño-Ortín & Javier Ruiz-Castillo, 2012. "The Citation Merit of Scientific Publications," PLOS ONE, Public Library of Science, vol. 7(11), pages 1-9, November.
    11. Patrick Herron & Aashish Mehta & Cong Cao & Timothy Lenoir, 2016. "Research diversification and impact: the case of national nanoscience development," Scientometrics, Springer;Akadémiai Kiadó, vol. 109(2), pages 629-659, November.
    12. Rodríguez-Navarro, Alonso & Brito, Ricardo, 2018. "Technological research in the EU is less efficient than the world average. EU research policy risks Europeans’ future," Journal of Informetrics, Elsevier, vol. 12(3), pages 718-731.
    13. Sandström, Ulf & Van den Besselaar, Peter, 2018. "Funding, evaluation, and the performance of national research systems," Journal of Informetrics, Elsevier, vol. 12(1), pages 365-384.
    14. Brito, Ricardo & Rodríguez-Navarro, Alonso, 2018. "Research assessment by percentile-based double rank analysis," Journal of Informetrics, Elsevier, vol. 12(1), pages 315-329.
    15. Nicolas Carayol, 2016. "The Right Job and the Job Right: Novelty, Impact and Journal Stratification in Science," Post-Print hal-02274661, HAL.
    16. Alonso Rodríguez-Navarro & Ricardo Brito, 2019. "Probability and expected frequency of breakthroughs: basis and use of a robust method of research assessment," Scientometrics, Springer;Akadémiai Kiadó, vol. 119(1), pages 213-235, April.
    17. Pedro Albarrán & Antonio Perianes-Rodríguez & Javier Ruiz-Castillo, 2015. "Differences in citation impact across countries," Journal of the Association for Information Science & Technology, Association for Information Science & Technology, vol. 66(3), pages 512-525, March.
    18. Rahman, Mohammad Tariqur & Regenstein, Joe Mac & Kassim, Noor Lide Abu & Haque, Nazmul, 2017. "The need to quantify authors’ relative intellectual contributions in a multi-author paper," Journal of Informetrics, Elsevier, vol. 11(1), pages 275-281.
    19. Nicolas Carayol, 2016. "The Right Job and the Job Right: Novelty, Impact and Journal Stratification in Science," Post-Print hal-02274661, HAL.
    20. Lutz Bornmann & Richard Williams, 0. "An evaluation of percentile measures of citation impact, and a proposal for making them better," Scientometrics, Springer;Akadémiai Kiadó, vol. 0, pages 1-22.

    More about this item

    Keywords

    climate change; extreme weather; natural hazards; public insurance; New Zealand;

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • R28 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Government Policy

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mtu:wpaper:18_09. 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: (Maxine Watene). General contact details of provider: http://edirc.repec.org/data/motuenz.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.