Understanding Disaster Insurance: New Tools for a More Resilient Future

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From the Publisher

Passages from Understanding Disaster Insurance: New Tools for a More Resilient Future by Carolyn Kousky

Chapter 1: The Costs of an Increasingly Risky World

This increase in weather-related extreme events has been coupled with continued development in hazardous areas, resulting in an escalation in disaster damages. We only experience economic harm from a hazard when there is stuff in the way of the fires, winds, and waters to be harmed. And there is certainly more stuff in the way. For example, researchers have documented development growth in areas prone to wildfires, with one in three homes in the United States now in the so-called wildland urban interface, the area where homes comingle with fire-prone vegetation.

Chapter 2: What Is Insurance, and What Is It Not?

Insurance is therefore a tool to avoid high disaster expenses and smooth costs over time. By making regular premium payments—certain small losses—insureds are then protected against big losses by receiving compensation when those losses occur. In this way, you can think of insurance as moving money from the good times, when there are no disasters, to the bad times when a disaster happens. You pay a bit in the good times to receive money in the bad times.

Chapter 5: Deciding When to Insure

Most people make insurance decisions when they move into a new home and then do not revisit those choices. Moving is thus an important window for risk education. To make sure that buyers are not scammed, duped, or tricked into paying more for a property that has known problems, many states have real estate disclosure laws—things the seller is required by law to tell the buyer before they purchase the home. Typically included is some type of disclosure related to disasters. Although disaster disclosures vary considerably from state to state, with some much better than others, they are all generally woefully insufficient as an educational tool. (And it is even worse for renters.)

Chapter 9: Will There Be Climate-Induced Insurability Crises?

What the United States has seen to date after many large disasters is a shift of customers from the private market into government insurance programs. As climate change intensifies, this shift is likely to continue—at least absent any other policy interventions—raising the thorny question of how much taxpayers will subsidize the insurance of those living in high-risk areas. An examination of congressional responses to pricing in the federal flood insurance program, the billions that taxpayers have put into the program to date (and the billions more it still needs), or the widespread assessment authorities of Florida Citizens suggests that politicians prefer cheaper insurance in high-risk areas, even if those in lower-risk areas must pay for it.

ASIN ‏ : ‎ B0BMD17V21
Publisher ‏ : ‎ Island Press (October 13, 2022)
Publication date ‏ : ‎ October 13, 2022
Language ‏ : ‎ English
File size ‏ : ‎ 1569 KB
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Not Enabled
Word Wise ‏ : ‎ Enabled
Print length ‏ : ‎ 227 pages

Natural disasters can strike at any moment, leaving devastation in their wake. As we navigate an increasingly unpredictable world, it’s more important than ever to have the proper insurance coverage in place to protect ourselves and our assets.

But with the changing climate and evolving risks, traditional insurance policies may not always provide the coverage needed in the event of a disaster. That’s where new tools and innovations in disaster insurance come into play.

From parametric insurance that pays out based on predetermined triggers, to blockchain technology that streamlines claims processing, there are a variety of new options available to help individuals and businesses better prepare for and recover from disasters.

In this post, we’ll delve into these new tools and strategies for disaster insurance, exploring how they can help us build a more resilient future. By understanding and utilizing these resources, we can better protect ourselves and our communities in the face of uncertainty. Let’s work together to create a more secure and resilient world for all.
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