Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/279180 
Year of Publication: 
2023
Series/Report no.: 
CESifo Working Paper No. 10431
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
The high and increasing cost of natural disasters around the world motivates a growing body of literature on the role of natural disaster insurance in adapting to climate change. This chapter reviews current challenges in both public and private natural disaster insurance markets in the United States and how the nature of these challenges has changed over the past fifty years. We discuss how the infrequent, spatially correlated, and extreme events that distinguish these markets complicate both the supply of and demand for natural disaster insurance, with spillovers to related markets such as real estate. We also highlight open questions that would be helpful to answer to inform analysis of currently proposed natural disaster insurance reforms.
Subjects: 
natural disaster insurance
climate change
adaptation
JEL: 
H53
H84
Q54
Document Type: 
Working Paper
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