Exploring and managing adaptation frontiers with climate risk insurance

Schaefer, Laura, Warner, Koko and Kreft, Soenke, "Exploring and managing adaptation frontiers with climate risk insurance" in Loss and Damage from Climate Change: Concepts, Principles, and Policy Options ed. Mechler, Reinhard, Bouwer, Laurens, Linnerooth-Bayer, Joanne, Schinko, Thomas and Surmiski, Swenja (Basel: Springer International, 2018), na-na.

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  • Author Schaefer, Laura
    Warner, Koko
    Kreft, Soenke
    Book Editor Mechler, Reinhard
    Bouwer, Laurens
    Linnerooth-Bayer, Joanne
    Schinko, Thomas
    Surmiski, Swenja
    Chapter Title Exploring and managing adaptation frontiers with climate risk insurance
    Book Title Loss and Damage from Climate Change: Concepts, Principles, and Policy Options
    Publication Date 2018-03
    Place of Publication Basel
    Publisher Springer International
    Start page na
    End page na
    Language eng
    Abstract This chapter aims to inform the Loss and Damage debate by analysing the degree to which insurance can be used as a tool to explore and manage adaptation frontiers. It establishes that insurance can be used as a navigational tool around adaptation frontiers in three ways: Firstly, by facilitating the exploration of adaptation frontiers by contributing to a framework for signalling the magnitude, location, and exposure to climate-related risks and providing signals when adaptation limits are approached. Secondly, by supporting actors in moving away from adaptation limits by improving ex-ante decision making, incentivizing risk reduction and creating a space of certainty for climate resilient development. Thirdly, by aiding actors in remaining in the tolerable risk space by facilitating financial buffering as part of contingency approaches. However, we also find that insurance in market terms against the risks of climate change possesses several limitations. We therefore suggest the embedding of insurance in a comprehensive climate risk management approach accompanied by other risk reduction and management strategies as key principle for any international cooperation approach to respond to climate change impacts.
    Keyword Climate Risk Insurance
    Loss and damage
    Climate change adaptation
    adaptation frontiers
    Copyright Holder Springer International Publsihing AG, part of Springer Nature
    Copyright Year 2018
    Copyright type All rights reserved
    ISBN 9783319720258
    9783319720265
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    Created: Wed, 28 Mar 2018, 23:58:02 JST by Aarti Basnyat on behalf of UNU EHS