Managing Extreme Climate Change Risks through Insurance

Managing Extreme Climate Change Risks through Insurance

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W. J. Wouter Botzen
Cambridge University Press, 2013-03-28
EAN 9781107033276, ISBN10: 1107033276
451 pages, 15.3 x 3 x 3 cm

In recent years, the damage caused by natural disasters has increased worldwide; this trend will only continue with the impact of climate change. Despite this, the role for the most common mechanism for managing risk - insurance - has received little attention. This book considers the contribution that insurance arrangements can make to society's management of the risks of natural hazards in a changing climate. It also looks at the potential impacts of climate change on the insurance sector, and insurers' responses to climate change. The author combines theory with evidence from the rich experiences of the Netherlands together with examples from around the world. He recognises the role of the individual in preparing for disasters, as well as the difficulties individuals have in understanding and dealing with infrequent risks. Written in plain language, this book will appeal to researchers and policy-makers alike.

Advance praise: 'Are insurers the victims, the virtuous or the villains of climate change? W. J. Wouter Botzen's book questions how a global business is going to cope when long-held assumptions are challenged by a changing climate. Yet insurers have proved to be innovators with a unique means of communicating risk to householders and businesses worldwide ... via the prices they have to pay for insurance contracts. Botzen's book demonstrates how insurers have a crucial role to play in the management of risk in a changing world.' Jim W. Hall, Professor of Climate and Environmental Risks, University of Oxford