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Discussion papers | Copyright
https://doi.org/10.5194/nhess-2017-236
© Author(s) 2017. This work is distributed under
the Creative Commons Attribution 4.0 License.

Research article 11 Jul 2017

Research article | 11 Jul 2017

Review status
This discussion paper is a preprint. It is a manuscript under review for the journal Natural Hazards and Earth System Sciences (NHESS).

When is it beneficial for insurers to engage in climate change adaptation – a cross country comparison

Isabel Seifert-Dähnn Isabel Seifert-Dähnn
  • Norwegian Institute for Water Research, Gaustadalléen 21, 0349 Oslo, Norway

Abstract. Natural hazard insurance is suggested an important mechanism to boost climate change adaptation and especially flood risk prevention at individual level and thus decrease losses caused by weather-related disasters. But there is a gap between the theoretical potential described by academic scholars and the actual engagement of insurers. In this paper, this issue is analyzed from the insurers perspective and it is discussed under which conditions it becomes profitable for them to engage in climate change adaptation. It is shown that for many adaptation measures high market penetration over a longer time-period is crucial to make investments profitable. This condition if often only fulfilled in compulsory monopoly insurance systems. Risk-based pricing to incentivize decentralized single-property measures, is seldom done in practice. Bundling of several risks, high market competition and increased transaction costs, but also the required high upfront payment of policy-holders are considered as hinders.

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Isabel Seifert-Dähnn
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Isabel Seifert-Dähnn
Isabel Seifert-Dähnn
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Short summary
Natural hazard insurance is suggested an important mechanism to boost climate change adaptation and flood risk prevention at individual level. But there is a gap between the theoretical potential and the actual engagement of insurers. In this paper, it is discussed under which conditions it becomes profitable for insurers to engage in climate change adaptation. It is shown that market penetration, insurers transaction costs and insurance systems play an important role for their engagement.
Natural hazard insurance is suggested an important mechanism to boost climate change adaptation...
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