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Risk and Insurability of Storm Damages to Residential Buildings in Austria

Author

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  • 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
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    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," Risk Analysis, John Wiley & Sons, vol. 35(11), pages 2029-2056, November.
    2. 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).
    3. 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.
    4. 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.

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