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Partnerships for Affordable and Equitable Disaster Insurance

Author

Listed:
  • Jaroslav Mysiak

    (Fondazione Eni Enrico Mattei (FEEM) and Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC))

  • C. D. Pérez-Blanco

    (Fondazione Eni Enrico Mattei (FEEM) and Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC))

Abstract

Extreme events are becoming more frequent and intense, inflating the economic damages and social hardship set-off by natural catastrophes. Amidst budgetary cuts, there is a growing concern on societies’ ability to design solvent disaster recovery strategies, while addressing equity and affordability concerns. The participation of private sector along with public one through Public-Private Partnerships (PPPs) has gained on importance as a means to address these seemingly conflicting objectives through the provision of (catastrophic) natural hazard insurance. This is the case of many OECD countries, notably some EU Member States such as the United Kingdom and Spain. The EU legislator has adapted to this new scenario and recently produced major reforms in the legislation and regulation that govern the framework in which PPPs for (catastrophic) natural hazard insurance develop. This paper has a dual objective: 1) review the complex legal background that rules the provision of insurance against natural catastrophes in the EU after these major reforms; 2) assess the implications of the reforms and offer concise Policy Guiding Principles.

Suggested Citation

  • Jaroslav Mysiak & C. D. Pérez-Blanco, 2015. "Partnerships for Affordable and Equitable Disaster Insurance," Working Papers 2015.40, Fondazione Eni Enrico Mattei.
    • Handle: RePEc:fem:femwpa:2015.40
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    References listed on IDEAS

    as
    1. Surminski, Swenja & Oramas-Dorta, Delioma, 2013. "Flood insurance schemes and climate adaptation in developing countries," LSE Research Online Documents on Economics 66294, London School of Economics and Political Science, LSE Library.
    2. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    3. David Crichton, 2008. "Role of Insurance in Reducing Flood Risk," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 33(1), pages 117-132, January.
    4. M. Monirul Qader Mirza, 2003. "Climate change and extreme weather events: can developing countries adapt?," Climate Policy, Taylor & Francis Journals, vol. 3(3), pages 233-248, September.
    5. Goetz von Peter & Sebastian von Dahlen & Sweta C Saxena, 2012. "Unmitigated disasters? New evidence on the macroeconomic cost of natural catastrophes," BIS Working Papers 394, Bank for International Settlements.
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    Cited by:

    1. Elisa Calliari & Jaroslav Mysiak & Silvia Santato & María Máñez Costa, 2014. "Partnerships for a Better Governance of Natural Hazard Risks," Working Papers 2014.87, Fondazione Eni Enrico Mattei.
    2. Shweta Sinha & Nitin K. Tripathi, 2016. "Assessing the Challenges in Successful Implementation and Adoption of Crop Insurance in Thailand," Sustainability, MDPI, vol. 8(12), pages 1-20, December.

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    More about this item

    Keywords

    Public-Private Partnerships (PPPs); Natural Hazards Insurance; Economic Instruments; Solidarity;
    All these keywords.

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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