Climate Risk Management and Institutional Learning

Hadi Dowlatabadi () and Christina Cook

RFF Working Paper Series from Resources for the Future

Abstract: Insurance companies are a prominent mechanism for risk transfers. Many initiatives are looking toward private–public partnerships and new risk-management instruments to provide a cushion for climate change-related effects. For this aspiration to be fulfilled, insurers and institutions within which they operate need to learn about emergent risks and develop workable strategies. We explore three factors shaping the evolution of insurance practices - quantitative models of catastrophic loss, experience of catastrophic loss, and outcomes of litigated cases. We use the available evidence to assess the importance of each of these factors in how the industry is evolving and, hence, what actual risk reductions and transfers are more likely in the future.

Keywords: climate change; insurance; risk management; climate change litigation; insurance modeling and learning (search for similar items in EconPapers)
JEL-codes: G22 K23 Q54 (search for similar items in EconPapers)
Date: 2007-08-21
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