IDEAS home Printed from https://ideas.repec.org/a/pal/gpprii/v37y2012i2p340-364.html
   My bibliography  Save this article

Risk and Insurability of Storm Damages to Residential Buildings in Austria

Author

Listed:
  • Franz Prettenthaler

    (POLICIES—Centre for Economic and Innovation Research, JOANNEUM RESEARCH Forschungsgesellschaft m.b.H., Leonhardstraße 59, Graz 8010, Austria.
    Wegener Center for Climate and Global Change, University of Graz, Austria.)

  • Hansjörg Albrecher

    (Université de Lausanne, Quartier UNIL-Dorigny, Bâtiment Extranef, 1015 Lausanne.)

  • Judith Köberl

    (POLICIES—Centre for Economic and Innovation Research, JOANNEUM RESEARCH Forschungsgesellschaft m.b.H., Leonhardstraße 59, Graz 8010, Austria.)

  • Dominik Kortschak

    (Université de Lausanne, Quartier UNIL-Dorigny, Bâtiment Extranef, 1015 Lausanne.
    Université de Lyon, F-69622, Lyon, France.
    Université Lyon 1, Laboratoire SAF, EA 2429, Institut de Science Financiére et d'Assurances, 50 Avenue Tony Garnier, F-69007 Lyon, France.)

Abstract

This paper develops a stochastic model to assess storm risk in Austria, which relates wind speed and actual losses. By virtue of a building-stock-value-weighted wind index, we use suitably normalised historical loss data of residential buildings over 12 years and corresponding wind speed data to calibrate the model. Subsequently, additional wind speed data is used to generate further scenarios and to obtain loss curves for storm risk that give rise to storm insurance loss quantiles and corresponding solvency capital requirements both on the aggregate and on the regional level. We also investigate the diversification effect across regions and use tools from extreme value theory to assess the insurability of storm risk in Austria in general.

Suggested Citation

  • Franz Prettenthaler & Hansjörg Albrecher & Judith Köberl & Dominik Kortschak, 2012. "Risk and Insurability of Storm Damages to Residential Buildings in Austria," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 37(2), pages 340-364, April.
    • Handle: RePEc:pal:gpprii:v:37:y:2012:i:2:p:340-364
    as

    Download full text from publisher

    File URL: http://www.palgrave-journals.com/gpp/journal/v37/n2/pdf/gpp201215a.pdf
    File Function: Link to full text PDF
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: http://www.palgrave-journals.com/gpp/journal/v37/n2/full/gpp201215a.html
    File Function: Link to full text HTML
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

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

    Citations

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


    Cited by:

    1. Alexandre Mornet & Thomas Opitz & Michel Luzi & Stéphane Loisel, 2015. "Index for predicting insurance claims from wind storms with an application in France," Post-Print hal-01081758, HAL.
    2. Alexandre Mornet & Thomas Opitz & Michel Luzi & Stéphane Loisel, 2015. "Index for Predicting Insurance Claims from Wind Storms with an Application in France," Risk Analysis, John Wiley & Sons, vol. 35(11), pages 2029-2056, November.
    3. Alexandre Mornet & Thomas Opitz & Michel Luzi & Stéphane Loisel, 2014. "Construction of an Index that links Wind Speeds and Strong Claim Rate of Insurers after a Storm in France," Working Papers hal-01081758, HAL.
    4. Rauter, Magdalena & Kaufmann, Maria & Thaler, Thomas & Fuchs, Sven, 2020. "Flood risk management in Austria: Analysing the shift in responsibility-sharing between public and private actors from a public stakeholder's perspective," Land Use Policy, Elsevier, vol. 99(C).

    More about this item

    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:pal:gpprii:v:37:y:2012:i:2:p:340-364. 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.

    We have no bibliographic references for this item. You can help adding them by using 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.palgrave-journals.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.