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Cost of Climate Change: Risk of Building Loss from Typhoon in South Korea

Author

Listed:
  • Ji-Myong Kim

    (Department of Architectural Engineering, Mokpo National University, Mokpo 58554, Korea)

  • Seunghyun Son

    (Department of Architectural Engineering, Kyung Hee University, 1732 Deogyeong-Daero, Giheung-Gu, Yongin-Si, Gyeonggi-do 17104, Korea)

  • Sungho Lee

    (Financial Management Division, Kyung Hee University, 26 Kyungheedae-ro, Dongdaemun-gu, Seoul 02447, Korea)

  • Kiyoung Son

    (School of Architectural Engineering, University of Ulsan, 93 Daehak-Ro, Ulsan 44610, Korea)

Abstract

In recent years, natural disasters and climate abnormalities have increased worldwide. The Fifth Assessment Report (2014) of the Intergovernmental Panel on Climate Change warned of extreme rainfall events, warming and acidification, global mean temperature rises, and average sea level rises. In many countries, changes in weather disaster patterns, such as typhoons and heavy rains, have already led to increased damage to buildings. However, the empirical quantification of typhoon risk and building damage due to climate change is insufficient. The purpose of this study was to quantify the risk of building loss from typhoon pattern change caused by climate change. To this end, the intensity and frequency of typhoons affecting Korea were analyzed to examine typhoon patterns. In addition, typhoon risk was quantified using the Korean typhoon vulnerability function utilized by insurers, reinsurers, and vendors, the major users of catastrophe modeling. Hence, through this study, it is possible to generate various risk management strategies, which can be used by governments when establishing climate change policies and help insurers to improve their business models through climate risk assessment based on reasonable quantitative typhoon damage scenarios.

Suggested Citation

  • Ji-Myong Kim & Seunghyun Son & Sungho Lee & Kiyoung Son, 2020. "Cost of Climate Change: Risk of Building Loss from Typhoon in South Korea," Sustainability, MDPI, vol. 12(17), pages 1-11, August.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:17:p:7107-:d:406625
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    References listed on IDEAS

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    1. Silvio Schmidt & Claudia Kemfert & Peter Höppe, 2008. "Tropical Cyclone Losses in the USA and the Impact of Climate Change: A Trend Analysis Based on a New Dataset," Discussion Papers of DIW Berlin 802, DIW Berlin, German Institute for Economic Research.
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    3. Simon Dietz & Nicholas Stern, 2015. "Endogenous Growth, Convexity of Damage and Climate Risk: How Nordhaus' Framework Supports Deep Cuts in Carbon Emissions," Economic Journal, Royal Economic Society, vol. 0(583), pages 574-620, March.
    4. Jiang Fengqing & Zhu Cheng & Mu Guijin & Hu Ruji & Meng Qingxia, 2005. "Magnification of Flood Disasters and its Relation to Regional Precipitation and Local Human Activities since the 1980s in Xinjiang, Northwestern China," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 36(3), pages 307-330, November.
    5. Dietz, Simon & Stern, Nicholas, 2015. "Endogenous growth, convexity of damage and climate risk: how Nordhaus’ framework supports deep cuts in carbon emissions," LSE Research Online Documents on Economics 58406, London School of Economics and Political Science, LSE Library.
    6. Heejun Chang & Jon Franczyk & Changhwan Kim, 2009. "What is responsible for increasing flood risks? The case of Gangwon Province, Korea," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 48(3), pages 339-354, March.
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    Cited by:

    1. Sunkuk Kim, 2021. "Technology and Management for Sustainable Buildings and Infrastructures," Sustainability, MDPI, vol. 13(16), pages 1-3, August.
    2. Sang-Guk Yum & Kiyoung Son & Seunghyun Son & Ji-Myong Kim, 2020. "Identifying Risk Indicators for Natural Hazard-Related Power Outages as a Component of Risk Assessment: An Analysis Using Power Outage Data from Hurricane Irma," Sustainability, MDPI, vol. 12(18), pages 1-15, September.

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