Risk Management Roles of the Public and Private Sector

Kousky, Carolyn; Kunreuther, Howard

doi:10.1111/rmir.12096

Cited by 19 publications

(12 citation statements)

References 51 publications

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“…Garnering political support from local officials for experimental or provisional problem-solving can be difficult (Kousky & Kunreuther, 2018;Slovic et al, 2013). First, there is little short-term political gain for officials who back tentative policies that might have to be abandoned.…”

Section: Ensure Widespread Stakeholder Engagement and A Commitment Tomentioning

confidence: 99%

Building local capacity to adapt to climate change

Susskind

Kim

2021

Climate Policy

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Local governments in cities around the world will not be able to cope with climate change impacts until they enhance their capacity to adapt. Past efforts to build local capacity, however, have often been unsuccessful. Building municipal capacity to formulate and implement climate adaptation plans will, in our view, require a new approach. Special attention will need to be paid to (1) contingent financial arrangements; (2) widespread and continuous stakeholder engagement; and (3) a commitment to experimental problem-solving. Most important, to respond to the scientific and technical uncertainties surrounding climate risks, local governments will have to enhance their 'adaptive governance' capabilities. Key policy insights:. Building local capacity to adapt to climate change is likely to require moving beyond traditional forms of financial and technical assistance so that the uncertainties and complexities of climate change can be addressed.. We suggest a new three-pronged approach to municipal capacity building.. The first element of this new approach will require structuring financial investments in a more adaptable (i.e. contingent) fashion.. The second will involve widespread and continuous stakeholder engagement, both for coalition building and for public learning.. The third encourages an experimental approach to problem-solving so that communities can learn-by-doing.

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Section: Ensure Widespread Stakeholder Engagement and A Commitment Tomentioning

confidence: 99%

Building local capacity to adapt to climate change

Susskind

Kim

2021

Climate Policy

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“…Behaviors biases constitute a separate problem, as they hinder claimants from making rational decisions and cause the number of insured residences to remain insufficient. Kousky and Kunreuther (2018) found that families prefer to purchase insurance against disaster risks common in their own regions and not to purchase insurance for more frequently occurring dangers in other regions of the country. Consequently, insurance companies have difficulty diversifying disaster risks.…”

Section: Mandatory Participationmentioning

confidence: 98%

Natural disaster insurance: public-private sector partnership

Altun

Güldiken

2019

HumanSciences

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The public sector should intervene in the natural disaster insurance market in order to increase economic efficiency and social welfare. However the governments should not put at risk the sustainability of public finance by undertaking excessive financial risks. Therefore, public-private sector partnership practices in natural disaster insurance are on the agenda. Public-private partnerships can incorporate some of the advantages of both public insurance systems and private insurance systems. In such insurance systems, government guarantees, fiscal incentives, regulations and private sector expertise come together. The insurance systems established in public-private partnership sectors should be designed appropriately to ensure sustainability. A sustainable public-private insurance system should include mandatory participation, risk-based premiums, encouraging risk-mitigation activities, risk transfer mechanisms. NFIP, CEA, CATNAT, TCIP, CCS, JER are successful examples of public-private sector partnership. However, these insurance systems do not have all the features that a good insurance system should have.

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“…Note: The size of the boxes is not necessarily proportional to the amount of coverage in each layer. Figure adapted from Kousky and Kunreuther (2018).…”

Section: X: Insurance Against Catastrophic and Systemic Risksmentioning

confidence: 99%

Evaluating the Role of Insurance in Managing Risk of Future Pandemics

Kunreuther

Schupp²

2021

SSRN Journal

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COVID-19 has demonstrated the challenges that policymakers, insurers, businesses, and employees face when disaster assistance programs are developed after the pandemic has already started. There is now an opportunity to design and implement effective and efficient solutions to manage the financial risks of a future pandemic. This paper suggests a practical framework, informed by the recent experience with COVID-19, for defining a meaningful role for insurance in managing business interruption (BI) and other risks from future pandemics. Policymakers, regulators, businesses, and other stakeholders interacting with representatives from the insurance industry can assist in defining its role in providing protection against the financial consequences of future pandemics. This framework, while designed for dealing with future pandemics, may be applied to other catastrophic and systemic risks.

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Risk Management Roles of the Public and Private Sector

Cited by 19 publications

References 51 publications

Building local capacity to adapt to climate change

Building local capacity to adapt to climate change

Natural disaster insurance: public-private sector partnership

Evaluating the Role of Insurance in Managing Risk of Future Pandemics

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