The role of insurance in reducing direct risk-the case of flood insurance

International Review of Environmental and Resource Economics

Volumn 7, Issue 3-4, 2014, Pages 241-278

  Surminski, Swenja ^a  

^a LONDON SCHOOL OF ECONOMICS   (United Kingdom)

Author keywords

Adaptation; Climate change; Disaster risk reduction; Flood insurance; Flood risk management; Insurance; Natural hazards

Indexed keywords

EID: 84919675406     PISSN: 19321465     EISSN: 19321473     Source Type: Journal    
DOI: 10.1561/101.00000062     Document Type: Article

References (143)

1. Aakre, S., I. Banaszak, R. Mechler, D. Rübbelke, A. Wreford, and H. Kalirai, 2010. "Financial Adaptation to Disaster Risk in the European Union." Mitigation and Adaptation Strategies for Global Change 15(7): 721-736.
2. ABI. 2012. A Guide to Resistant and Resilient Repair After a Flood [online]. Association of British Insurers. Available at: https://www.abi.org.uk/media/Files/Documents/Publications/Public/Migrated/Flooding/A%20guide%20to%20resistant%20and%20re-silient%20repair%20after%20a%20flood.ashx [accessed 30 July 2013].
3. ABI. 2008. ABI/Government Statement on Flooding and Insurance for England [online]. Association of British Insurers. Available at: http://archive.defra.gov.uk/environment/flooding/policy/insurance/jointstatement.htm. [accessed 17 June 2014].
4. ABI. 2005. ABI Statement of Principles on the Provision of Flood Insurance. London: Association of British Insurers.
5. Aerts, J. C. J. H. and W. J. Botzen. 2011a. "Flood-Resilient Waterfront Development in New York City: Bridging Flood Insurance, Building Codes, and Flood Zoning." Annals of the New York Academy of Sciences 1227(1): 1-82.
6. Aerts, J. C. J. H. and W. J. W. Botzen. 2011b. "Climate Change Impacts on Pricing Long-Term Flood Insurance: A Comprehensive Study for the Netherlands." Global Environmental Change 21: 1045-1060.
7. Akerlof, G. A. 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism." The Quarterly Journal of Economics 84(3): 488-500.
8. ARC. 2014. African Risk Capacity [online]. Available at: http://www.africanriskcapacity. org/home [accessed 1 July 2014].
9. Arrow, K. J. 1968. "The Economics of Moral Hazard: Further Comment." The American Economic Review 58(3): 537-539.
10. Ball, T., A. Werritty, and A. Geddes. 2013. "Insurance and Sustainability in Flood-Risk Management: The UK in a Transitional State." Area 45(3): 266-272.
11. Barker, G. and R. Tooth. 2007. The Non-Insured: Who, Why and Trends. Sydney: The Insurance Council of Australia.
12. Biener C. and M. Eling. 2011. "The Performance of Microinsurance: A Data Envelopment." Journal of Risk Insurance 78(1): 83-115.
13. Born, P. H. and B. Klimaszewski-Blettner. 2013. "Should I Stay or Should I Go? The Impact of Natural Disasters and Regulation on U.S. Property Insurers' Supply Decisions." Journal of Risk and Insurance 80(1): 1-36.
14. Botzen, W. J. W., J. de Boer, and T. Terpstra. 2013. "Framing of Risk and Preferences for Annual and Multi-Year Flood Insurance." Journal of Economic Psychology (in review).
15. Botzen, W. J. W., J. C. J. M. van den Bergh, and L. M. Bower. 2010. "Climate Change and Increased Risk for the Insurance Sector: A Global Perspective and An Assessment for the Netherlands." Natural Hazards 52(3): 577-598.
16. Botzen, W. J. W. and J. C. J. M. van den Bergh. 2009. "Bounded Rationality, Climate Risks, and Insurance: Is There a Market for Natural Disasters?" Land Economics 85(2): 265-278.
17. Botzen, W. and J. C. J. M. van den Bergh. 2008. "Insurance Against Climate Change and Flooding in The Netherlands: Present, Future, and Comparison with Other Countries." Risk Analysis 28(2): 413-426.
18. Botzen, J. W., J. C. J. H. Aerts, and J. C. J. M. van den Bergh. 2009. "Willingness of Homeowners to Mitigate Climate Risk Through Insurance." Ecological Economics 68: 2265-2277.
19. Bouwer, L. M., D. Huitema, and J. H. Aerts. 2007. "Adaptive Flood Management: The Role of Insurance and Compensation in Europe." Working Paper, Vrije Universiteit: Amsterdam.
20. Brainard, L. 2008. "What is the Role of Insurance in Economic Development? Zurich Government and Industry Thought Leadership Series. No. 2. "[online]. Available at: http://www.zurich.com/internet/main/sitecollectiondocuments/insight/what is the role of economic developement.pdf [accessed 10 December 2013].
21. Brauninger, M., S. Butzengeiger-Geyer, A. Dlugolecki, S. Hochrainer, M. Kohler, J. Linnerooth-Bayer, R. Mechler, A. Michaelowa, and S. Schulze. 2011. Application of economic instruments for adaptation to climate change Final report [online]. Perspectives GmbH. Available at: http://ec.europa.eu/clima/policies/adaptation/what/docs/economic instruments en.pdf [accessed 17 December 2013].
22. Brecht, H., S. Dasgupta, B. Laplante, S. Murray, and D. Wheeler. 2012. "Sea-Level Rise and Storm Surges: High Stakes for a Small Number of Developing Countries." The Journal of Environment & Development 21(1): 120-138.
23. Browne, M. J. and R. E. Hoyt. 2000. "The Demand for Flood Insurance: Empirical Evidence." Journal of risk and uncertainty 20(3): 291-306.
24. Bruggeman, V., M. G. Faure, and K. Fiore. 2010. "The Government as Reinsurer of Catastrophic Risks? Geneva Papers on Risk and Insurance Theory 35: 369-390.
25. Burghoff, O. 2012. ZURS Geo Für das Hochwasserrisikomanagement nutzbare Karten und Informationen IKSE Meeting December 4th 2012 Magdeburg [online]. German Insurance Association. GDV). Available at: http://www.ikse-mkol.org/uploads/media/I-02 Burghoff-Oliver.pdf [accessed 13 July 2014].
26. Cabantous, L. 2007. "Ambiguity Aversion in the Field of Insurance: Insurers' Attitude to Imprecise and Conflicting Probability Estimates." Theory and Decision 62(3): 219-240.
27. Camerer, C. F. and H. Kunreuther, 1989. "Decision Processes for Low Probability Events: Policy Implications." Journal of Policy Analysis and Management 8(4): 565-592.
28. Carter, R. L. and G. M. Dickinson. 1992. Obstacles to the Liberalization of Trade in Insurance. Hemel Hempstead: Harverster Wheatsheaf.
29. Casadonte, A. P. and J. G. Nevius. 2012. "Insurance for Insurance: Adapting the National Flood Insurance Program to the Challenges of the Present and the Future." Environmental Claims Journal 24(4): 300-313.
30. CCS. 2008. Natural Catastrophe Insurance Cover A diversity of Systems. Madrid: Con-sorcio de Compensacion de Seguros (CCS).
31. CEA. 2011a. Position Paper Insurance of Natural Catastrophes in Europe [online]. Available at: http://www.insuranceeurope.eu/uploads/Modules/Publications/climate-change-2011-web.pdf [accessed 14 January 2014].
32. CEA. 2009. Tackling Climate Change: The Vital Contribution of Insurers [online]. Brussels: CEA. Available at: www.insuranceeurope.eu/uploads/Modules/Publications/tackling-climatechange.pdf [accessed 9 July 2013].
33. Charpentier, A. 2008. "Insurability of Climate risks." Geneva Papers of Risk and Insurance-Issues and Practice 33(1): 91-109.
34. Climate Corporation. 2014. Website of the Climate Corporation [online]. Available at: http://www.climate.com/[accessed 4 June 2014].
35. ClimateWise, 2011a. Compendium of disaster risk transfer initiatives in the developing world [online]. Available at: http://www.climatewise.org.uk/climatewise-compendium/[accessed on 20th February 2012].
36. ClimateWise, 2011b. Submission by ClimateWise-the global collaboration of leading insurers focused on reducing the risks of climate change [online]. Available at: http://unfccc.int/resource/docs/2011/smsn/ngo/249.pdf [accessed 30 March 2013].
37. Cole, S. A., X. Giné, J. B. Tobacman, P. B. Topalova, R. M. Townsend, and J. I. Vickery. 2009. Barriers to Household Risk Management: Evidence from India Working Paper 09-116. Harvard Business School: Boston.
38. Collier, W. M., K. R. Jacobs, A. Saxena, J. Baker-Gallegos, M. Carroll, and G. W. Yohe. 2009. "Strengthening Socio-Ecological Resilience Through Disaster Risk Reduction and Climate Change Adaptation: Identifying Gaps in an Uncertain World." Environmental Hazards 8(3): 171-186.
39. Crichton, D. 2008. "Role of insurance in Reducing Flood Risk." The Geneva Papers 33: 117-132.
40. Cummins, J. D. and O. Mahul. 2009. Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention. Washington, DC: The International Bank for Reconstruction and Development/The World Bank.
41. Dehring, C. A. and M. Halek. 2013. "Coastal Building Codes and Hurricane Damage." Land Economics 89(4): 597-613.
42. Defra. 2013a. Securing the Future Availability and Affordability of Home Insurance in Areas of Flood Risk [online]. Department for Environment, Food and Rural Affairs: London Available at: https://consult.defra.gov.uk/flooding/floodinsurance/support-ing documents/20130626%20INAL%20Future%20of%20Flood%20Insurance%20%20co-nsultation%20document.pdf [accessed 10 July 2013].
43. Defra. 2013b. Managing the Future Financial Risk of Flooding Impact Assessment [online]. Department for Environment, Food and Rural Affairs: London. Available at: https://consult.defra.gov.uk/flooding/floodinsurance/supporting documents/20130627 %20FINAL%20Flood%20Ins%20%20consultation%20stage%20IA.pdf [accessed 21 August 2013].
44. Defra. 2011. Flood Risk and Insurance: A Roadmap to 2013 and Beyond Final Report of the Flood Insurance Working Groups PB 13684 [online]. Department for Environment, Food and Rural Affairs: London. Available at: https://www.gov.uk/government/uploads/system/uploads/attachment data/file/69467/pb13684-flood-risk-insurance.pdf [accessed 16 July 2014].
45. DfiD. 2013. Helping Developing Countries Deal with Humanitarian Emergencies [online]. Department for International Development: London. Available at: https://www.gov. uk/government/policies/helping-developing-countries-deal-with-humanitarian-emerge-ncies/supporting-pages/helping-countries-protect-themselves-against-future-disasters [accessed 15 July 2014].
46. Dionne, G. Ed. 2000. Handbook of Insurance. Kluwer Academic Publishers.
47. Dixon, L., N. Clancy, S. A. Seabury, and A. Overton. 2006. The National Flood Insurance Program's Market Penetration Rate: Estimates and Policy Implications. Santa Monica, CA, USA: RAND Corporation.
48. Dizard, J. 2014. Too Many Reinsurers, Not Enough Premiums [online]. Financial Times 16-05-14. Available at: http://www.ft.com/cms/s/0/8032431a-dcdd-11e3-b73c-00144feabdc0.html?siteedition=uk#ixzz37SXGcdBD [accessed 16 July 2014].
49. Dobes, L., F. Jotzo, and P. Doupé. 2013. Adaptor of Last Resort? An Economic Perspective on the Government's Role in Adaptation to Climate Change. Gold Coast: National Climate Change Adaptation Research Facility, 70 pp.
50. EC. 2013. "Green Paper on the Insurance of Natural and Man-Made Disasters COM(2013) 213 final [online]. European Commission: Strasbourg. Available at: http://eurlex. europa.eu/LexUriServ/LexUriServ.do?uri=COM:2013:0213:FIN:EN:PDF [accessed 14 January 2014].
51. Ellsberg, D. 1961. "Risk, Ambiguity, and the Savage Axioms." The Quarterly Journal of Economics 75(4): 643-669.
52. Enz, R. 2000. "The S-curve relation between per-capita income and insurance penetration." The Geneva Papers on Risk and Insurance 25(3): 396-406.
53. Feyen, L., R. Dankers, K. Bódis, P. Salamon, and J. I. Barredo. 2011. "Fluvial Flood Risk in Europe in Present and Future Climates." Climatic Change 112(1): 47-62.
54. Filatova, T. 2013. "Market-Based Instruments for Flood Risk Management: A Review of Theory, Practice and Perspectives for Climate Adaptation Policy." Environmental Science & Policy (in press).
55. GAO. 2013. FLOOD INSURANCE Implications of Changing Coverage Limits and Expanding Coverage. Report to the Congressional Committees [online]. United States Government Accountability Office: Washington DC, USA. Available at: http://www. gao.gov/assets/660/655719.pdf [accessed 15 July 2014].
56. GFDRR. 2012. Improving the Assessment of Disaster Risks to Strengthen Financial Resilience [online]. 2 International Bank for Reconstruction and Development/International Developmen Association or The World Bank: Washington. Available at: http://www.gfdrr.org/sites/gfdrr.org/files/GFDRR G20 Low June13.pdf [accessed 16 July 2014].
57. GlobalAgRisk. 2013. "First-ever "Forecast insurance" Offered for Extreme El Niño in Peru [online]. GlobalAgRisk Inc: Kentucky, USA. Available at: http://globalagrisk.com/Pubs/2013%20Press%20Release First Ever%20 Forecast%20Insurance%20Peru.pdf [accessed 16 July 2014].
58. Government Office for Science. 2010. Mechanisms for Financing the Costs of Disasters. Government Office for Science: London. Available at: https://www.gov.uk/govern-ment/uploads/system/uploads/attachment data/file/287474/12-1308-mechanisms-fin-ancing-costs-of-disasters.pdf [accessed 1 July 2014].
59. Gray, A. and Pickard, J. 2013. Flood Homes Hit by Big Insurance Excesses. Financial Times Edition January 3rd 2013. Available at: http://www.ft.com/cms/s/0/f583bba0-55af-11e2-bdd2-00144feab49a.html#axzz33JiJgRmN [accessed 16 July 2014].
60. Guy Carpenter. 2012. "Geographic Expansion and New Products to Drive Profitable Growth, Finds Guy Carpenter Survey. Available at: http://www.guycarp.com/content/dam/guycarp/en/documents/PressRelease/2012/pressrelease 14-11-2012.pdf [Accessed 16 July 2014].
61. Hansson, K., M. Danielson, and L. Ekenberg. 2008. "A Framework for Evaluation of Flood Management Strategies." Journal of Environmental Management 86(3): 465-480.
62. Hochrainer-Stigler, S., G. Pflug, and N. Lugeri. 2013. "Flood Risk in a Changing Climate: A Multilevel Approach for Risk Management." Integrated Catastrophe Risk Modeling 263-279.
63. Hoff, H., K. Warner, and L. M. Bouwer. 2005. "The Role of Financial Services in Climate Adaptation in Developing Countries." Vierteljahrshefte zur Wirtschaftsforschung 74(2): 196-207.
64. Hussels, S., D. Ward, and R. Zurbruegg. 2005. "Stimulating the Demand for Insurance." Risk Management and Insurance Review 8(2): 257-278.
65. Huber, M. 2011. "Insuring Climate Change-Managing Political and Economic Uncertainties in Flood Management." In Climate Change and Policy. Berlin Heidelberg: Springer, pp. 145-158.
66. Ibarra, H. and J. Skees. 2007. "Innovation in Risk Transfer for Natural Hazards Impacting Agriculture." Environmental Hazard 7: 62-69.
67. ICC. 2014. Insurance Compensation Consortium [online]. Insurance Compensation Consortium: Madrid, Spain. Available at: http://www.consorseguros.es/web/. [accessed 2 February 2014].
68. IFAD. 2011. Weather Index-based Insurance in Agricultural Development A Technical Guide [online]. International Fund for Agricultural Development. IFAD). Available at: http://www.ifad.org/ruralfinance/pub/WII tech guide.pdf [accessed 1 July 2014].
69. IPCC. 2014. Climate Change 2014: Impacts, Adaptation, and Vulnerability. Working Group II Contribution to the IPCC 5th Assessment Report. IPCC Working Group II: Stanford, USA.
70. IPCC. 2012. "Managing the Risks of Extreme Events and Disasters to Advance Climate Change Adaptation." In A Special Report of Working Groups I and II of the Intergovernmental Panel on Climate Change, C. B. Field, V. T. F. Barros, Stocker, D. D. J. Qin, K. L. Dokken, M. D. Ebi, K. J. Mastrandrea, Mach, G. K. S. K. Plattner, Allen, M. Tignor, and P.M. Midgley, Cambridge, UK, and New York, NY, USA: Cambridge University Press.
71. Jongman, B., E. E. Koks, T. G. Husby, and P. J. Ward. 2014. "Increasing Flood Exposure in the Netherlands: Implications for Risk Financing." Natural Hazards and Earth System Sciences 14(5): 1245-1255.
72. Keskitalo, E. C. H., G. Vulturius, and P. Scholten. 2014. "Adaptation to Climate Change in the Insurance Sector: Examples from the UK, Germany and the Netherlands." Natural Hazards 71(1): 315-334.
73. Knowles, S. G. and H. C. Kunreuther. 2014. "Troubled Waters: The National Flood Insurance Program in Historical Perspective." Journal of Policy History 26(3): 327-353.
74. Kunreuther, H. 1996. "Mitigating Disaster Losses Through Insurance." Journal of Risk and Uncertainty 12: 171-18.
75. Kunreuther, H. 1984. "Causes of Underinsurance against Natural Disasters." The Geneva Papers on Risk and Insurance 31: 206-220.
76. Kunreuther, H., R. Meyer, and E. Michel-Kerjan. 2013. Overcoming Decision Biases to Reduce Losses from Natural Catastrophes. Behavioral Foundations of Policy, Princeton: Princeton University Press, 398-413.
77. Kunreuther, H. C. and E. O. Michel-Kerjan. 2009. "Managing Catastrophes Through Insurance: Challenges and Opportunities for Reducing Future Risks." Working Paper 2009-11-30. The Wharton School, University of Pennsylvania, Philadelphia.
78. Kunreuther, H.C., E. O. Michel-Kerjan, N. A. Doherty, M. F. Grace, R. W. Klein, and M. V. Pauly. 2009. At War with the Weather: Managing Large-Scale Risks in a New Era of Catastrophes. Cambridge, MA: MIT Press.
79. Kunreuther, H. and M. Pauly. 2006. "Rules Rather than Discretion: Lessons From Hurricane Katrina." Journal of Risk and Uncertainty 33(1-2): 101-116.
80. Kunreuther, H. and M. Pauly. 2005. "Insurance Decision-Making and Market Behaviour." Foundations and Trends in Microeconomics 1(2): 63-127.
81. Lamond, J. E., D. G. Proverbs, and F. N. Hammond, 2009. "Accessibility of Flood Risk Insurance in the UK: Confusion, Competition and Complacency." Journal of Risk Research 12(6): 825-841.
82. Linnerooth-Bayer, J., R. Mechler, and S. Hochrainer. 2011. "Insurance Against Losses from Natural Disasters in Developing Countries. Evidence, Gaps and the Way Forward." IDRiM Journal 1(1).
83. Linnerooth-Bayer, J. and R. Mechler. 2009. Insurance Against Losses from Natural Disasters in Developing Countries. DESA Working Paper No. 85 ST/ESA/2009/DWP/85 [online]. Department of Economic and Social Affairs, United Nations. Available at: http://www.un.org/esa/desa/papers/2009/wp85 2009.pdf [accessed 1 July 2014].
84. Lin, X. J. 2013. "The Interaction Between Risk Classification and Adverse selection: Evidence from California's Residential Earthquake Insurance Market." Aria (in press).
85. Lin et al. 2007. Flood Insurance as a Flood Management Tool: An Economic Perspective. Manila, Philippines: Asian Development Bank.
86. Lloyd's. 2012. Lloyd's Global Underinsurance Report [online]. Lloyd's: London. Available at: http://www.lloyds.com/media/Files/News%20and%20Insight/360%20Risk%20 Insight/Global Underinsurance Report 311012.pdf [accessed 16 July 2014].
87. Luffman, I. E. 2010. "Wake-up Call in East Tennessee? Correlating Flood Losses to National Flood Insurance Program Enrollment (1978-2006)." Southeastern Geographer 50(3): 305-322.
88. Maccaferri, S., F. Criboni, and F. Campolongo. 2012. Natural Catastrophes: Risk relevance and Insurance Coverage in the EU. Version September 2012 [online]. European Commission Joint Research Centre: Ispra VA, Italy. Available at: http://ec.europa. eu/internal market/insurance/docs/natural-catastrophes/jrc report on nat cat en.pdf [accessed 15 July 2014].
89. Masci, P., L. Tejerina, and I. Webb. 2007. Insurance Market Development in Latin America Insurance Market Development in Latin America and the Caribbean Sustainable Development Department Technical Papers Series. Inter-American Development Bank: Washington, D.C.
90. Maynard, T. and N. Ranger. 2011. "What Role for 'Long-Term' Insurance in Adaptation? An Analysis of the Prospects for and Pricing of Multi-Year Insurance Contracts." Working Paper No. 62. London: Grantham Research Institute on Climate Change and the Environment.
91. MCII. 2011. Submission by the Munich Climate Insurance Initiative. MCII. SBI Work Programme on Loss and Damage: Ideas for Work Streams, Areas of Discussion, and Milestones up to and Beyond COP18 [online]. Available at: http://unfccc.int/resource/docs/2011/smsn/ngo/252.pdf [accessed 30 March 2013].
92. Michel-Kerjan, E., S. Lemoyne de Forges, and H. Kunreuther. 2012. "Policy Tenure Under the U.S. National Flood Insurance Program (NFIP)." Risk Analysis 32(4): 644-658.
93. Mills, E. 2009. From Risk to Opportunity: Insurer Responses to Climate Change [online]. Ceres: Boston. Available at: http://insurance.lbl.gov/opportunities/risk-to-opportunity-2008.pdf [accessed 13 January 2014].
94. Mills, E. 2005. "Insurance in a Climate of Change." Science 309(5737): 1040-1044.
95. Morgan, J. and M. Stallworthy. 2012. "Indemnifying Against Flood Loss in a Changing Environment." Legal studies 33(2): 239-263.
96. Murphy, A. G., B. J. Barnet, N. Nikolova, J. Hartell, and J. R. Skees. 2011. State of Knowledge Report-market Development for Weather Index Insurance: Key Considerations for Sustainability and Scale Up. GlobalAgRisk Project Report. Lexington USA: GlobalAgRisk, Inc.
97. O'Neill, J. and M. O'Neill. 2012. Social Justice and the Future of Flood Insurance [online]. Joseph Rowntree Foundation: York Available at: http://www.jrf.org.uk/publications/social-justice-flood-insurance [accessed 15 July 2014].
98. OECD. 2003. Lessons Learned in Dealing with Large-Scale Disasters. Paris: Organisation for Economic Co-operation and Development.
99. Outreville, J. F. 2011. "The Relationship Between Insurance Growth and Economic Development-80 Empirical Papers for a Review of the Literature." ICER Working Papers 12-2011. ICER-International Centre for Economic Research: Torino and Prague.
100. Paudel, Y., W. J. W. Botzen, and J. C. J. H. Aerts. 2012. "A Comparative Study of Public-Private Catastrophe Insurance Systems: Lessons from Current Practices." Geneva Papers on Risk and Insurance 37: 257-285.
101. Pauly, M. V. 1968. "The Economics of Moral Hazard: Comment." The American Economic Review 58(3): 531-537.
102. Phelan, L, A. Henderson-Sellers, and R. Taplin. 2011. In The Economic, Social and Political Elements of Climate Change Management, W. L. Filho, ed., pp. 81-98.
103. Penning-Rowsell, E. C., S. Priest, and C. Johnson. 2014. "The Evolution of UK Flood Insurance: Incremental Change Over Six Decades." International Journal of Water Resources Development (ahead-of-print), pp. 1-20.
104. Poussin, J. K., W. J. W. Botzen, J. C. J. H. Aerts. 2013. "Stimulating Flood Damage Mitigation Through Insurance: An Assessment of the French CatNat System." Environ. Hazards 12: 258-277.
105. Poussin, J. K., P. Bubeck, J. C. J. H. Aerts, P. J. Ward. 2012. "Potential of Semi-Structural and Non-Structural Adaptation Strategies to Reduce Future Flood Risk: Case Study for the Meuse." Natural Hazards and Earth System Sciences 12: 3455-3471.
106. Rabin, M. and R. H. Thaler. 2001. "Anomalies: Risk Aversion." Journal of Economic Perspectives 15(1): 219-232.
107. Ranger, N. and S. Surminski. 2013. "A Preliminary Assessment of the Impact of Climate Change on Non-Life Insurance Demand in the BRICS Economies." International Journal of Disaster Risk Reduction 3: 14-30.
108. Ranger, N., S. Hallegatte, S. Bhattacharya, M. Bachu, S. Priya, K. Dhore, and J. Corfee-Morlot. 2011a. "An Assessment of the Potential Impact of Climate Change on Flood Risk in Mumbai." Climatic Change 104(1): 139-167.
109. Ranger, N., S. Surminski, and N. Silver. 2011b. Open Questions About How to Address 'Loss and Damage' from Climate Change in the Most Vulnerable Countries: A Response to the Cancún Adaptation Framework. Policy Paper, Centre for Climate Change Economics and Policy, Leeds and London, UK. Available at: http://www.lse.ac.uk/GranthamInstitute/publications/Policy/docs/PP-Cancun-Adaptation-Framework-response.pdf [accessed 10 December 2013].
110. Ranger, N. and S. Surminski. 2011. "A Preliminary Assessment of the Impact of Climate Change on Non-Life Insurance Demand in the BRICS Economies." Working Paper 72, Centre for Climate Change Economics and Policy, 2011 [online]. Available at: http://www.cccep.ac.uk/Publications/Working-papers/Papers/70-79/WP72 climate-change-non-life-insurance-brics.pdf [accessed 17 January 2012].
111. Raschky, P. A., R. Schwarze, M. Schwindt, and F. Zahn. 2013. "Uncertainty of Governmental Relief and the Crowding Out of Flood Insurance." Environmental and Resource Economics 54(2): 79-200.
112. Sai, T., W. Yulian, and H. Xiaofeng. 2010. "An Empirical Study of Agricultural Insurance-Evidence from China." Agriculture and Agricultural Science Procedia 1: 62-66.
113. Schlesinger, H. 2013. "The Theory of Insurance Demand." In Handbook of Insurance. New York: Springer, pp. 167-184.
114. Schwarze, R., M. Schwindt, H. Weck-Hannemann, P. Raschky, F. Zahn, and G. G. Wagner. 2011. "Natural Hazard Insurance in Europe: Tailored Responses to Climate Change are Needed." Environmental Policy and Governance 21: 14-30.
115. Schwarze, R. and G. G. Wagner. 2007. "The Political Economy of Natural Disaster Insurance: Lessons from the Failure of a Proposed Compulsory Insurance Scheme in Germany." European Environment 17: 403-415.
116. Shilling, J. D., C. F. Sirmans, and J. D. Benjamin. 1989. "Flood Insurance, Wealth Redistribution, and Urban Property Values." Journal of Urban Economics 26: 43-53.
117. Seifert, I., W. J. W. Botzen, H. Kreibich, and J. C. J. H. Aerts. 2013. "Influence of Flood Risk Characteristics on Flood Insurance Demand: A Comparison Between Germany and the Netherlands." Natural Hazards and Earth System Sciences 13(7): 1691-1705.
118. Stallworthy, M. 2013. "A New UK Approach to Flood Loss and Insurance? Journal of Water Law 23(6): 234-238.
119. Stiefelmeyer, H. and T. Hlatky. 2008. "HORA-An Austrian Platform for Natural Hazards as a New Way in Risk Communication. [online]. INTERPRAEVENT 2008 Conference Proceedings Vol. 1. Available at: http://www.interpraevent.at/palm-cms/upload files/Publikationen/Tagungsbeitraege/2008 1 229.pdf [accessed 13 July 2014].
120. Suarez, P. and J. Linnerooth-Bayer. 2011. Insurance-Related Instruments for Disaster Risk Reduction. [online] The United Nations Office for Disaster Risk Reduction: Geneva. Available at: http://www.preventionweb.net/english/hyogo/gar/2011/en/bgdocs/Suarez & Linnerooth-Bayer 2011.pdf [accessed 15 January 2014].
121. Sugarman, S. D. 2006. Roles of Government in Compensating Disaster Victims. Berkeley CA: Berkeley Electron Press.
122. Surminski, S., J. C. J. H. Aerts, W. J. W. Botzen, P. Hudson, J. Mysiak, and C. D. Pérez-Blanco. 2014. Reflections on the Current Debate on How to Link Flood Insurance and Disaster Risk Reduction in the European Union. Working Paper from the ENHANCE International Summer School, Belpasso, Sicily, 1-7 September 2013.
123. Surminski, S. 2013. "The Role of Insurance Risk Transfer in Encouraging Climate Investment in Developing Countries." In Harnessing Foreign Investment to Promote Environmental Protection Incentives and Safeguards. P. M. Dupuy and J. E. Viñuales, eds. Cambridge: Cambridge University Press. pp. 228-250.
124. Surminski, S. 2010. "Adapting to the Extreme Weather Impacts of Climate Change-How Can the Insurance Industry Help? Available at: http://www.climatewise.org.uk/storage/website-2012/collaborations/adaptationrisk-management/ClimateWise%20 Adaptation%20Report.pdf [accessed 31 May 2014].
125. Surminski, S. and J. Eldridge. 2014. Flood Insurance in England-An Assessment of the Current and Newly Proposed Insurance Scheme in the Context of Rising Flood Risk. Working Paper. Grantham Research Institute on Climate Change and the Environment. Centre for Climate Change Economics and Policy, Leeds and London, UK.
126. Surminski, S. and D. Oramas-Dorta. 2013. "Flood Insurance Schemes and Climate Adaptation in Developing Countries." International Journal of Disaster Risk Reduction (in Press).
127. Surminski, S. and D. Oramas-Dorta. 2011. Building Effective and Sustainable Risk Transfer Initiatives in Low-and Middle-Income Economies: What Can We Learn From Existing Insurance Schemes Policy Paper. [online] Centre for Climate Change Economics and Policy Grantham Research Institute on Climate Change and the Environment: London. Available at: http://www.cccep.ac.uk/Publications/Policy/docs/PP sustainable-risk-transfer-initiatives.pdf [accessed 27 February 2012].
128. Swiss Re. 2013. Swiss Re's Answers to the Questions Raised in the Green Paper on the Insurance of Natural and Man-Made Disasters. [online] Swiss Re: Available at: http://ec.europa.eu/internal market/consultations/2013/disasters-insurance/docs/contributions/non-registered-organisations/swiss-re en.pdf [accessed 16 July 2014].
129. Swiss Re. 2012. Flood-An Underestimated Risk Inspect, Inform, Insure. [online]. Swiss Re: Zurich. Available at: http://media.swissre.com/documents/Flood.pdf [accessed 13 July 2014].
130. Swiss Re. 2004. Exploiting the Growth Potential of Emerging Insurance Markets-China and India in the spotlight Sigma No.5/2004. Swiss Re: Zurich.
131. The Geneva Association. 2013. Warming of the Oceans and Implications for the (Re)insurance Industry A Geneva Association Report. [online] The Geneva Association: Geneva. Available from: https://www.genevaassociation.org/media/616661/ga2013-warming of the oceans.pdf [accessed 15 January 2014].
132. Thieken, A. H., T. Petrow, H. Kreibich, and B. Merz. 2006. "Insurability and Mitigation of Flood Losses in Private Households in Germany." Risk Analysis 26(2): 383-395.
133. Thomas, A. and R. Leichenko. 2011. "Adaptation Through Insurance: Lessons From the NFIP." International Journal of Climate Change Strategies and Management 3(3): 250-263.
134. Treby, E. J., M. J. Clark, and S. J. Priest. 2006. "Confronting Flood Risk: Implications for Insurance and Risk Transfer." Journal of Environmental Management 81(4): 351-359.
135. UNCTAD. 2004. Is a Special Treatment of Small Island Developing States Possible? [online]. United Nations: New York and Geneva. Available at: http://unctad.org/en/docs/ldc20041 en.pdf [accessed 13 January 2014].
136. UNFCCC. 2010. The Cancun Agreements: Outcome of the work of the Ad Hoc Working Group on Long-term Cooperative Action under the Convention, 15 March 2011, FCCC/CP/2010/7/Add., available at: http://unfccc.int (accessed 11 March 2012).
137. UNISDR. 2011. Global Assessment Report on Disaster Risk Reduction: Revealing Risk, Redefining Development. United Nations International Strategy for Disaster Reduction Secretariat, Geneva, Switzerland. Oxford: Information Press.
138. UNISDR. 2011. Global Assessment Report on Disaster Risk Reduction: Revealing Risk, Redefining Development. United Nations International Strategy for Disaster Reduction Secretariat, Geneva, Switzerland. Oxford UK: Information Press, 178 pp.
139. USAID. 2006. Assessment of How Strengthening the Insurance Industry in Developing Countries Contributes to Economic Growth [online]. United States Agency for International Development: Washington D.C. Available at: http://pdf.usaid.gov/pdf docs/PNADF482.pdf [accessed 14 January 2014].
140. Walker, G., R. Whittle, W. Medd, and N. Watson. 2010. Risk Governance and Natural Hazards CapHaz-Net WP2 Report. Lancaster: Lancaster Environment Centre, Lancaster University.
141. Warner, K., T. Loster, M. Zissener, S. Kreft, J. Linnerooth-Bayer, C. Bals, P. Hoeppe, E. Gurenko, I. Burton, and A. Haas. 2009. Vulnerable Countries and People: How Disaster Risk Reduction & Insurance Can Help Manage the Risks from Climate Change. www.climate-insurance.org/upload/pdf/MCII Policy Brief.pdf
142. Weiss, D. J. and J. Weidman. 2013. Disastrous Spending: Federal Disaster-Relief Expenditures Rise Amid More Extreme Weather. [online] Available at: http://www.american-progress.org/wp-content/uploads/2013/04/WeissDisasterSpending-1.pdf [accessed 13 July 2014].
143. Zahn, F. and S. Neuss. 2011. "Weighting Attitudes and the Demand for Flood Insurance: Understanding Probability Weighting for Low-Probability-High-Consequence-Risks." Working Paper.