IDEAS home Printed from https://ideas.repec.org/a/kap/jculte/v45y2021i3d10.1007_s10824-020-09397-x.html
   My bibliography  Save this article

Cultural Heritage and natural disasters: the insurance choice of the Italian Cathedrals

Author

Listed:
  • Francesco Masi

    (Università del Salento - Dipartimento di Scienze dell’Economia)

  • Donatella Porrini

    (Università del Salento - Dipartimento di Scienze dell’Economia)

Abstract

Given the threat of natural disasters to Cultural Heritage, this paper aims to investigate how the use of the insurance instrument contributes to the definition of an adequate risk management strategy. The analysis focuses on the role that insurance can play both by supplying policies covering damage and proactively stimulating prevention behaviors, taking into consideration information imperfections (i.e., adverse selection, moral hazard and charity hazard). Through a survey among Italian Dioceses, data about the diffusion of insurance contracts were collected together with other qualitative and quantitative elements linked to the decisional process of insuring Italian Cathedrals. The empirical analysis shows that the administrators of the Dioceses are aware of the economic value of the cultural assets and in safeguarding the Cathedrals they identify in the insurance system a useful and efficient risk management instrument.

Suggested Citation

  • Francesco Masi & Donatella Porrini, 2021. "Cultural Heritage and natural disasters: the insurance choice of the Italian Cathedrals," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 45(3), pages 409-433, September.
    • Handle: RePEc:kap:jculte:v:45:y:2021:i:3:d:10.1007_s10824-020-09397-x
    DOI: 10.1007/s10824-020-09397-x
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10824-020-09397-x
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10824-020-09397-x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Donatella Porrini & Reimund Schwarze, 2014. "Insurance models and European climate change policies: an assessment," European Journal of Law and Economics, Springer, vol. 38(1), pages 7-28, August.
    2. Paul Raschky & Hannelore Weck-Hannemann, 2007. "Charity hazard - A real hazard to natural disaster insurance," Working Papers 2007-04, Faculty of Economics and Statistics, Universität Innsbruck.
    3. Kunie Sugio, 2015. "Large-scale Disasters on World Heritage and Cultural Heritage in Japan: Significant Impacts and Sustainable Management Cases," Landscape Research, Taylor & Francis Journals, vol. 40(6), pages 748-758, August.
    4. Donatella Porrini, 2015. "Risk Classification Efficiency and the Insurance Market Regulation," Risks, MDPI, vol. 3(4), pages 1-10, September.
    5. Ahmadreza Shirvani Dastgerdi & Massimo Sargolini & Ilenia Pierantoni, 2019. "Climate Change Challenges to Existing Cultural Heritage Policy," Sustainability, MDPI, vol. 11(19), pages 1-10, September.
    6. Francesco Angelini & Massimiliano Castellani, 2019. "Cultural and economic value: a critical review," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(2), pages 173-188, June.
    7. Howard Kunreuther, 2015. "The Role of Insurance in Reducing Losses from Extreme Events: The Need for Public–Private Partnerships†," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 40(4), pages 741-762, October.
    8. David Throsby, 2003. "Determining the Value of Cultural Goods: How Much (or How Little) Does Contingent Valuation Tell Us?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 27(3), pages 275-285, November.
    9. Sandra Fatorić & Erin Seekamp, 2017. "Are cultural heritage and resources threatened by climate change? A systematic literature review," Climatic Change, Springer, vol. 142(1), pages 227-254, May.
    10. Francesco De Masi & Donatella Porrini, 2018. "Vulnerability to Natural Disasters and Insurance: Insights from the Italian Case," IJFS, MDPI, vol. 6(2), pages 1-12, June.
    11. Fabrizio Terenzio Gizzi & Jonghun Kam & Donatella Porrini, 2020. "Time windows of opportunities to fight earthquake under-insurance: evidence from Google Trends," Palgrave Communications, Palgrave Macmillan, vol. 7(1), pages 1-11, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. George Halkos & Panagiotis Stavros Aslanidis & Angelos Plataniotis & Phoebe Koundouri, 2024. "Evaluating the Tangible and Intangible Parameters of Cultural Heritage: An Economic Meta-Analysis in a Global Context," DEOS Working Papers 2413, Athens University of Economics and Business.
    2. David Throsby & John R. Severn & Katya Petetskaya, 2024. "Preference formation in demand for live theatre," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 48(2), pages 285-310, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Donatella Porrini & Francesco Masi, 2021. "Managing climate change risk: the case of the Italian Churches," 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. 105(3), pages 2619-2637, February.
    2. Peter John Robinson & W. J. Wouter Botzen & Fujin Zhou, 2021. "An experimental study of charity hazard: The effect of risky and ambiguous government compensation on flood insurance demand," Journal of Risk and Uncertainty, Springer, vol. 63(3), pages 275-318, December.
    3. Shirvani Dastgerdi, Ahmadreza & Sargolini, Massimo & Broussard Allred, Shorna & Chatrchyan, Allison Morrill & Drescher, Michael & DeGeer, Christopher, 2022. "Climate change risk reduction in cultural landscapes: Insights from Cinque Terre and Waterloo," Land Use Policy, Elsevier, vol. 123(C).
    4. Angela Rosa & Angela Santangelo & Simona Tondelli, 2021. "Investigating the Integration of Cultural Heritage Disaster Risk Management into Urban Planning Tools. The Ravenna Case Study," Sustainability, MDPI, vol. 13(2), pages 1-24, January.
    5. Gawel, Erik & Lehmann, Paul & Strunz, Sebastian & Heuson, Clemens, 2018. "Public Choice barriers to efficient climate adaptation – theoretical insights and lessons learned from German flood disasters," Journal of Institutional Economics, Cambridge University Press, vol. 14(3), pages 473-499, June.
    6. Hudson, Paul & Botzen, W.J. Wouter & Feyen, Luc & Aerts, Jeroen C.J.H., 2016. "Incentivising flood risk adaptation through risk based insurance premiums: Trade-offs between affordability and risk reduction," Ecological Economics, Elsevier, vol. 125(C), pages 1-13.
    7. Michael Faure & Donatella Porrini, 2017. "Göran Skogh on Risk Sharing and Environmental Policy," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 42(2), pages 177-192, April.
    8. Gül Aktürk & Ahmadreza Shirvani Dastgerdi, 2021. "Cultural Landscapes under the Threat of Climate Change: A Systematic Study of Barriers to Resilience," Sustainability, MDPI, vol. 13(17), pages 1-19, September.
    9. Fabrizio Terenzio Gizzi & Donatella Porrini & Francesco De Masi, 2021. "Building a Natural Hazard Insurance System (NHIS): The Long-lasting Italian Case," Sustainability, MDPI, vol. 13(21), pages 1-22, November.
    10. Noy, Ilan & Kusuma, Aditya & Nguyen, Cuong, 2017. "Insuring disasters: A survey of the economics of insurance programs for earthquakes and droughts," Working Paper Series 20250, Victoria University of Wellington, School of Economics and Finance.
    11. Yu Yan & Michael Faure, 2021. "Government interventions in microinsurance: evidence from China," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(3), pages 440-467, July.
    12. Christian Handke & Carolina Dalla Chiesa, 2022. "The art of crowdfunding arts and innovation: the cultural economic perspective," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(2), pages 249-284, June.
    13. Alessandra Bonazza & Nico Bonora & Benjamin Duke & Daniele Spizzichino & Antonella Pasqua Recchia & Andrea Taramelli, 2022. "Copernicus in Support of Monitoring, Protection, and Management of Cultural and Natural Heritage," Sustainability, MDPI, vol. 14(5), pages 1-13, February.
    14. Angela Santangelo & Eleonora Melandri & Giulia Marzani & Simona Tondelli & Andrea Ugolini, 2022. "Enhancing Resilience of Cultural Heritage in Historical Areas: A Collection of Good Practices," Sustainability, MDPI, vol. 14(9), pages 1-29, April.
    15. Paul Hudson & Annegret H. Thieken, 2022. "The presence of moral hazard regarding flood insurance and German private businesses," 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. 112(2), pages 1295-1319, June.
    16. Hans Antonson & Philip Buckland & Roger Nyqvist, 2021. "A society ill-equipped to deal with the effects of climate change on cultural heritage and landscape: a qualitative assessment of planning practices in transport infrastructure," Climatic Change, Springer, vol. 166(1), pages 1-22, May.
    17. Noy, Ilan & Kusuma, Aditya & Nguyen, Cuong, 2017. "Insuring disasters: A survey of the economics of insurance programs for earthquakes and droughts," Working Paper Series 6408, Victoria University of Wellington, School of Economics and Finance.
    18. Ahmadreza Shirvani Dastgerdi & Reza Kheyroddin, 2023. "Building Resilience in Cultural Landscapes: Exploring the Role of Transdisciplinary and Participatory Planning in the Recovery of the Shushtar Historical Hydraulic System," Sustainability, MDPI, vol. 15(13), pages 1-19, July.
    19. Bronwyn Coate & Robert Hoffmann, 2022. "The behavioural economics of culture," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(1), pages 3-26, March.
    20. Nicoleta Radu & Felicia Alexandru, 2022. "Parametric Insurance—A Possible and Necessary Solution to Insure the Earthquake Risk of Romania," Risks, MDPI, vol. 10(3), pages 1-16, March.

    More about this item

    Keywords

    Cultural Heritage; Natural disasters; Insurance; Cathedrals;
    All these keywords.

    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jculte:v:45:y:2021:i:3:d:10.1007_s10824-020-09397-x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.