Publication: Insurance and Climate Change : Scoping Paper
Date
2009-06-25
ISSN
Published
2009-06-25
Author(s)
Gurenko, Eugene
Dumitru, Denisa
Abstract
The purpose of this paper is to provide
a conceptual framework, along with concrete illustrations,
that will aid the UNFCCC process in incorporating
market-based insurance mechanisms in the arsenal of proposed
global climate adaptation tools. A key objective is to
define the role insurance can play in helping households,
businesses, and countries better adapt to the main known
manifestations of climate change, such as weather extremes.
The paper defines risk assessment, and outlines the
conceptual framework used throughout the analysis. It
provides an overview of the significance of public and
private partnerships in insuring weather related losses, as
well as best practices. It concludes with an overview of
lessons learned, and identifies opportunities for
market-based insurance strategies in the global adaptation
for climate change. A major realization was the importance
of establishing a transparent, well-defined policy on
government subsidies after disasters, so that individuals
can gauge their risks in weather related disasters, and
might be encouraged to buy private insurance.
Citation
“Gurenko, Eugene; Dumitru, Denisa. 2009. Insurance and Climate Change : Scoping Paper. © World Bank, Washington, DC. http://openknowledge.worldbank.org/entities/publication/3e550a38-6d3e-5343-b3e0-44489c8975a5 License: CC BY 3.0 IGO.”