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Financial instruments for managing disaster risks related to climate change

Author

Listed:
  • Leigh Wolfrom
  • Mamiko Yokoi-Arai

Abstract

This article provides an overview of the potential implications of climate change for the financial management of disaster risks. It outlines the contribution of insurance to reducing the economic disruption of disaster events and policy approaches to supporting the penetration of disaster insurance coverage and the capacity of insurance markets to absorb disaster risks, including through the use of capital markets instruments and international co-operation in risk pooling. It concludes with a number of recommendations for improving the financial management of disaster risks in the context of climate change and some areas of further work. JEL classification: G22, G23, H84, Q54 Keywords: Climate change, natural disasters, extreme events, insurance, reinsurance, catastrophe bonds

Suggested Citation

  • Leigh Wolfrom & Mamiko Yokoi-Arai, 2016. "Financial instruments for managing disaster risks related to climate change," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2015(1), pages 25-47.
    • Handle: RePEc:oec:dafkad:5jrqdkpxk5d5
    DOI: 10.1787/fmt-2015-5jrqdkpxk5d5
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    More about this item

    Keywords

    climate change; natural disasters; extreme events; insurance; reinsurance; catastrophe bonds;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H84 - Public Economics - - Miscellaneous Issues - - - Disaster Aid
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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