IDEAS home Printed from https://ideas.repec.org/p/fem/femwpa/2015.40.html
   My bibliography  Save this paper

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
    as

    Download full text from publisher

    File URL: https://feem-media.s3.eu-central-1.amazonaws.com/wp-content/uploads/NDL2015-040.pdf
    Download Restriction: no
    ---><---

    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.
    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. 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.

    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. Surminski, Swenja & Eldridge, Jillian, 2015. "Flood insurance in England: an assessment of the current and newly proposed insurance scheme in the context of rising flood risk," LSE Research Online Documents on Economics 66256, London School of Economics and Political Science, LSE Library.
    2. S. Surminski & J. Aerts & W. Botzen & P. Hudson & J. Mysiak & C. Pérez-Blanco, 2015. "Reflections on the current debate on how to link flood insurance and disaster risk reduction in the European Union," 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. 79(3), pages 1451-1479, December.
    3. Swenja Surminski & Delioma Oramas-Dorta, 2013. "Do flood insurance schemes in developing countries provide incentives to reduce physical risks?," GRI Working Papers 119, Grantham Research Institute on Climate Change and the Environment.
    4. Swenja Surminski & Paul Hudson, 2017. "Investigating the Risk Reduction Potential of Disaster Insurance Across Europe," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 42(2), pages 247-274, April.
    5. Swenja Surminski & Jillian Eldridge, 2014. "Flood insurance in England � an assessment of the current and newly proposed insurance scheme in the context of rising flood risk," GRI Working Papers 144, Grantham Research Institute on Climate Change and the Environment.
    6. 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.
    7. Citera, Emanuele & Sau, Lino, 2019. "Complexity, Conventions and Instability: the role of monetary policy," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201924, University of Turin.
    8. Emmanuel Yeboah-Assiamah & Kobus Muller & Kwame Ameyaw Domfeh, 2018. "‘Complex crisis’ and the rise of collaborative natural resource governance: institutional trajectory of a wildlife governance experience in Ghana," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 20(5), pages 2205-2224, October.
    9. Eicher, Theo S. & Schreiber, Till, 2010. "Structural policies and growth: Time series evidence from a natural experiment," Journal of Development Economics, Elsevier, vol. 91(1), pages 169-179, January.
    10. Engelhardt, Sebastian v. & Freytag, Andreas, 2013. "Institutions, culture, and open source," Journal of Economic Behavior & Organization, Elsevier, vol. 95(C), pages 90-110.
    11. Stephanie Rosenkranz & Patrick W. Schmitz, 2007. "Can Coasean Bargaining Justify Pigouvian Taxation?," Economica, London School of Economics and Political Science, vol. 74(296), pages 573-585, November.
    12. Elisa D?Adamo, 2018. "La Cost-Benefit Analysis delle grandi infrastrutture: un riesame del Large Hadron Collider (LHC) del CERN," PRISMA Economia - Societ? - Lavoro, FrancoAngeli Editore, vol. 2018(1-2), pages 97-108.
    13. Peter G. Klein & Michael E. Sykuta, 2010. "Editors’ Introduction," Chapters, in: Peter G. Klein & Michael E. Sykuta (ed.), The Elgar Companion to Transaction Cost Economics, chapter 1, Edward Elgar Publishing.
    14. Osei-Tutu, Francis & Weill, Laurent, 2023. "Individualism reduces borrower discouragement," Journal of Economic Behavior & Organization, Elsevier, vol. 211(C), pages 370-385.
    15. Alessandro Moro, 2021. "Can capital controls promote green investments in developing countries?," Temi di discussione (Economic working papers) 1348, Bank of Italy, Economic Research and International Relations Area.
    16. Nastasi, Federico & Spagano, Salvatore, 2023. "Institutionalist Clues in Celso Furtado’s Economic Thought," MPRA Paper 120242, University Library of Munich, Germany.
    17. Evans, Lewis & Meade, Richard, 2005. "The Role and Significance of Cooperatives in New Zealand Agriculture, A Comparative Institutional Analysis," Working Paper Series 3847, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
    18. Schmitz, Patrick W., 2021. "On the optimality of outsourcing when vertical integration can mitigate information asymmetries," Economics Letters, Elsevier, vol. 202(C).
    19. Roberto Foa & Anna Nemirovskaya & Elena Mostovova, 2013. "Internal Empires I: Social Institutions of the Frontier," HSE Working papers WP BRP 09/SOC/2013, National Research University Higher School of Economics.
    20. Aseem Kaul & Jiao Luo, 2018. "An economic case for CSR: The comparative efficiency of for‐profit firms in meeting consumer demand for social goods," Strategic Management Journal, Wiley Blackwell, vol. 39(6), pages 1650-1677, June.

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:fem:femwpa:2015.40. 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: Alberto Prina Cerai The email address of this maintainer does not seem to be valid anymore. Please ask Alberto Prina Cerai to update the entry or send us the correct address (email available below). General contact details of provider: https://edirc.repec.org/data/feemmit.html .

    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.