Fifty Years of U.S. Natural Disaster Insurance Policy

Kendra Marcoux and Katherine R. H. Wagner

No 10431, CESifo Working Paper Series from CESifo

Abstract: The high and increasing cost of natural disasters around the world motivates a growing body of literature on the role of natural disaster insurance in adapting to climate change. This chapter reviews current challenges in both public and private natural disaster insurance markets in the United States and how the nature of these challenges has changed over the past fifty years. We discuss how the infrequent, spatially correlated, and extreme events that distinguish these markets complicate both the supply of and demand for natural disaster insurance, with spillovers to related markets such as real estate. We also highlight open questions that would be helpful to answer to inform analysis of currently proposed natural disaster insurance reforms.

Keywords: natural disaster insurance; climate change; adaptation (search for similar items in EconPapers)
JEL-codes: H53 H84 Q54 (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-env
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_10431

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