publication . Preprint . Article . Other literature type . 2009

Climate Change and Risk Management: Challenges for Insurance, Adaptation, and Loss Estimation

Kousky, Carolyn; Cooke, Roger M.;
Open Access
  • Published: 03 Feb 2009
Abstract
Adapting to climate change will not only require responding to the physical effects of global warming, but will also require adapting the way we conceptualize, measure, and manage risks. Climate change is creating new risks, altering the risks we already face, and also, importantly, impacting the interdependencies between these risks. In this paper we focus on three particular phenomena of climate related risks that will require a change in our thinking about risk management: global micro-correlations, fat tails, and tail dependence. Consideration of these phenomena will be particularly important for natural disaster insurance, as they call into question traditi...
Subjects
free text keywords: tail dependence, micro-correlations, fat tails, damage distributions, climate change, jel:Q54, jel:G22, jel:C02, Effects of global warming, Risk management, business.industry, business, Environmental planning, Climate change, Securitization, Geography, Global warming, Natural disaster, Interdependence, media_common.quotation_subject, media_common, Diversification (marketing strategy)
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publication . Preprint . Article . Other literature type . 2009

Climate Change and Risk Management: Challenges for Insurance, Adaptation, and Loss Estimation

Kousky, Carolyn; Cooke, Roger M.;